President To Reappoint Fed Chairman Bernanke

Oak Bluffs, MA, Aug. 25, 2009--President Barack Obama plans to reappoint Ben Bernanke to a second term as chairman of the Federal Reserve.

Bernanke guided the economy away from its worst recession since the 1930s and, the White House hopes, toward an economic recovery critical to its legacy.

Widely credited with taking aggressive action to avert an economic catastrophe after the financial meltdown last year, Bernanke will be nominated for another term as the helm of the central bank on Tuesday.

By announcing he wants Bernanke for another term and not changing horses in midstream, Obama removes a sense of uncertainty on Wall Street.

Bernanke masterminded what is now seen as a successful strategy to lift the economy out of recession, unlock credit and stabilize financial markets, in part by using unconventional and unprecedented lending programs.