September 17, 2009 / 10:49 PM / in 10 years

Nomination of Fed's Bernanke sent to Senate

WASHINGTON, Sept 17 (Reuters) - The White House formally sent to the U.S. Senate on Thursday President Barack Obama’s nomination of Ben Bernanke to a second term as Federal Reserve chairman.

Obama had announced on Aug. 25 he was keeping Bernanke in place, a move aimed at continuity at a time when the U.S. economy has shown signs of breaking free from a deep recession.

Bernanke’s nomination will first be considered by the Senate Banking Committee, whose chairman, Chris Dodd, has promised a “thorough and comprehensive” hearing.

With Obama’s Democrats controlling Congress and Bernanke drawing significant bipartisan support, he is expected to have little difficulty winning confirmation from the full Senate again.

Economists said Bernanke’s reappointment for a new four-year term, after his current term is due to expire on Jan. 31, removed uncertainty at a delicate juncture in the economy’s recovery from the worst financial crisis in decades.

Reporting by Matt Spetalnick, Editing by Sandra Maler

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