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Business

Obama to reappoint Bernanke as Fed chief

Video by Catherine NICHOLSON , Florence VILLEMINOT

Text by NEWS WIRES

Latest update : 2009-08-25

US President Barack Obama will reappoint Ben Bernanke as Federal Reserve chairman on Tuesday, a White House official has said. Bernanke has been seen as a key player in stabilising markets and keeping the recession from turning into a depression.

AFP - President Barack Obama will announce Tuesday he is reappointing Ben Bernanke to a second term as Federal Reserve chairman, following their months of joint combat against the financial crisis.
  
A White House official said on condition of anonymity that Obama would break his vacation on well-heeled Martha's Vineyard off the US east coast to award Bernanke a second four-year term beginning in January.
  
Obama will deliver the statement in the resort town of Oak Bluffs at 9 am (1400 GMT) before US markets open, the official said, on condition of anonymity.
  
Bernanke was named to the Federal Reserve by Obama's predecessor George W. Bush in 2005 to replace retiring former Fed chairman Alan Greenspan, who served for 18 years and presided over a golden era of economic prosperity.
  
At the tail end of Bush's second term, and the beginning of Obama's presidency, Bernanke has been a key player in stabilizing markets and prescribing the antidote to the worst crisis since the 1930s Great Depression.
  
He has enjoyed broad support on Wall Street, for the sweeping and sometimes unorthodox methods he has used to redefine the financial industry and keep the recession from turning into a depression.
  
But Obama may face some opposition in Congress to his decision reappoint the central banker.

Date created : 2009-08-25

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