President Barack Obama today formally reappointed Ben S. Bernanke to a second four-year term as Federal Reserve chairman, citing “his background, his temperament, his courage and his creativity.”
“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,” Mr. Obama said in remarks he made while in Massachusetts on vacation. “Almost none of the decisions he or any of us made have been easy.”
Mr. Obama said the efforts taken by the Federal Reserve and the rest of the government to pull the economy back from the brink of depression and the financial industry from the brink of collapse are working, but full recovery for both remains a long way off.
The reappointment requires Senate approval.
Mr. Bernanke said he was fully up to the continuing task.
“Mr. President, I commit today to you and to the American people that, if confirmed by the Senate, I will work to the utmost of my abilities — with my colleagues at the Federal Reserve and alongside the Congress and the administration — to help provide a solid foundation for growth and prosperity in an environment of price stability,” Mr. Bernanke said in his own prepared remarks delivered at the president's side.
Mr. Obama added that he would continue to work to “pass the reforms necessary to protect consumers, investors, and the entire financial system” and to maintain a “strong and independent” Fed.