Obama nominates Bernanke for second term
Barack Obama has nominated Ben Bernanke for a second term
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By Will Haine. |  |
Wednesday, 26, Aug 2009 10:32
Barack Obama has nominated Ben Bernanke for a second term as chairman of the Federal Reserve.
Mr Obama took a break from his holiday at Martha's Vineyard to make the announcement, saying Mr Bernanke had brought the economy "back from the brink".
The announcement ends speculation as to whether the economist would be re-appointed, with the timing of the announcement much earlier than most had expected. It is thought the appointment has the support of the Treasury Secretary, Tim Geithner.
The Senate will vote on his nomination next week.
President Obama has appeared to be impressed with the handling of the economic crisis by Mr Bernanke, despite hinting at replacing him during his inauguration.
Once approved as expected, Mr Bernanke's second-term will begin on February 1st 2010.
The announcement appears to have pleased investors, with the Dow Jones up 52.53 points at 9,561.81 in early afternoon trading on Wall Street.