Senate Democrats

Reid Statement On Federal Reserve Chairman Bernanke

Washington, DCSenate Majority Leader Harry Reid released the following statement this evening regarding Federal Reserve Chairman Ben Bernanke:
 
“Every decision I make about our economy is governed by the goal of putting Nevadans and Americans back to work, helping them keep their homes, and strengthening the middle class.  My vote to confirm Ben Bernanke for a second term as Chairman of the Federal Reserve is no different.
 
“That goal also guided the conversation I had with Chairman Bernanke yesterday about his vision for a second term – a dialogue that continues.  I made it clear that to merit confirmation, Chairman Bernanke must redouble his efforts to ensure families can access the credit they need to buy or keep their home, send their children to college or start a small business.  He has assured me he will soon outline plans for making that happen, and I eagerly await them.
 
“No one pretends for a minute that our economy is back at full capacity.  But Chairman Bernanke has worked hard to strengthen the economy in recent months by making critical loans available to millions of households and hundreds of thousands of businesses both large and small.  He also deserves recognition for what didn’t happen: An expert on the Great Depression, Chairman Bernanke helped steer us away from a second one.  Conventional wisdom rarely credits those who averted disaster, but that’s precisely what Chairman Bernanke did.
 
“While I will vote for his confirmation, my support is not unconditional.  I know Chairman Bernanke is committed to transparency and accountability, and that is why I will hold him to the highest standards of both.  The Senate will continue to demand visible and responsible results for the people we represent.
 
“Foreclosures and unemployment are endemic in Nevada.  The American people are frustrated, and rightly so.  I share their frustration, and I will continue to impress upon Chairman Bernanke that his most important job as America’s central banker is to give families and businesses the peace of mind that their economy is working for them.”