According to a senior White House adviser, it is revealed that Barack Obama remains confident that Ben Bernanke will win Senate approval for a second term as Chairman of the US Federal Reserve, in spite of the growing opposition to the nomination.
President Obama contacted key senators, including Harry Reid, the Senate Majority Leader, on Saturday to check that the nomination was not being derailed by lawmakers’ increasing reluctance to reappoint a Fed Chairman regarded as friendly to Wall Street.
A Dow Jones poll indicated that 15 senators including four Democrats had vowed to oppose the Chairman’s return. The remaining 58 senators have not yet said how they will vote. If Mr. Bernanke’s appointment is not confirmed by January 31st, vice-chairman of Fed’s board—Donald Kohn, could take over in the interim.