Bernanke gets a second term as Fed chief

Ben Bernanke, the man credited with engineering US economic recovery from the worst depression since the 1930s, is back at the helm of the US Federal Reserve.

President Barrack Obama has opted to renominate Bernanke who took aggressive action to avert an economic catastrophe after the financial meltdown. Obama made the announcement to this effect on the Massachusetts island of Martha's Vineyard, where he is vacationing for the week with his family.

"Ben approached a financial system on the verge of collapse with calm and wisdom; with bold action and outside-the-box thinking that has helped put the brakes on our economic freefall," Obama said.

The president expects Bernanke, despite all the criticism he faced, to nurse the economy back to health at a time when bank failures are still mounting.

Bernanke thanked President Obama for the confidence he has shown in him and for his "unwavering support for a strong and independent Federal Reserve."

"It has been a particular privilege for me to serve with extraordinary colleagues throughout the Federal Reserve System. They have demonstrated remarkable resourcefulness, dedication, and stamina under trying conditions. Through the long nights and weekends and the time away from their families, they have never lost sight of the critical importance of the work of the Fed for the economic well being of all Americans. I am deeply grateful for their efforts," he said.

"We have been bold or deliberate as circumstances demanded, but our objective remains constant:  to restore a more stable economic and financial environment in which opportunity can again flourish, and in which Americans' hard work and creativity can receive their proper rewards," he said.