White House fights for Bernanke support in Senate as allies defect
23 Jan 2010
Fereral Reserve chairman Ben Bernanke's path to a second term gets more and more rocky with two more senators joining the opposition camp even as the White House launched a public push to defend his candidacy.
Two more Democratic senators, Barbara Boxer of California and Russ Feingold of Wisconsin, yesterday joined two Democrats Merkley of Oregon and Byron Dorgan of North Dakota, and an independent who previously announced their opposition. Ten Republicans say they, too, will oppose Bernanke.
For extending his term beyond its 31 January expiration, at least 60 senators have to endorse the move.
If there's no vote by 31 January, Bernanke is expected to relinquish his post as chairman to Fed vice chairman Donald Kohn. However, Bernanke would remain on the Fed board since his term as a governor runs until 2020.
US president Barack Obama "has a great deal of confidence in what chairman Bernanke did to bring our economy back from the brink," deputy White House press secretary Bill Burton told reporters aboard Air Force One.
"And he continues to think that he's the best person for the job, and will be confirmed by the US Senate," he said.