DODD STATEMENT ON BERNANKE CONFIRMATION VOTE

WASHINGTON – Today, Senate Banking Committee Chairman Chris Dodd (D-CT) called on the Senate to vote to confirm Ben Bernanke for a second term as Chairman of the Board of Governors of the Federal Reserve System during the Senate debate on that nomination.

 

“I am a strong supporter of this nomination, and I want to explain why,” Dodd said.

 

“Over the last year, the chairmanship of Ben Bernanke has in no small measure made it possible for this nation to avoid a catastrophe that I think would have loomed as large as the Great Depression - and maybe larger because of the global implications of the decisions that needed to be made,”  Dodd argued.

 

“Had it not been for Ben Bernanke as the Chair of the Federal Reserve, I think we would be looking at a very different America today.”

 

“He was not my choice to become the Chairman of the Federal Reserve - the previous administration nominated Ben Bernanke.  I voted for him and then when I became chairman of the Banking Committee in January of 2007 for the first time, I went through a very frustrating year in that committee…”

 

“But beginning in the latter part of 2007 and going forward his leadership, in my view, was absolutely critical in avoiding the kind of problems that this country could have faced…  I think we would make a great error indeed if we were to reject this nomination, if we do not terminate this filibuster and vote up or down on this nominee and provide the confidence and stability that our markets demand, if this economy, as fragile as it is, is going to get back on its feet again.”

 

“To do otherwise, I think would do great damage to our nation at this critical moment.”

 

 

 

 

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