Praising his "temperament, his courage, and his creativity," President Obama today announced he is reappointing Ben S. Bernanke as chairman of the Federal Reserve Board.
Bernanke, whose term expires in January and was appointed by President Bush, led the government's efforts to deal with a recession that many economists said was the worst downturn since the Great Depression. Although he is a Republican, he has taken a more activist role than some had expected, including rescuing the insurance giant AIG and helping devise a program to have the government buy assets of troubled financial institutions.
Bernanke is a former professor of economics at Princeton University whose scholarly expertise is the Great Depression. Before being named Fed chairman, he was a member of the Fed Board and was chairman of the Council of Economic
In making his announcement, while taking a break from his vacation on Martha's Vineyard, Obama said the country is "a long way away from a completely healthy financial system and a full economic recovery. And I will not let up until those Americans who are looking for jobs can find them; until qualified businesses, large and small, who need capital to grow can find loans at a rate they can afford; and until all responsible mortgage-holders can stay in their homes. That is why we need Ben to continue the work he's doing, and that is why I've said that we cannot go back to an economy based on overleveraged banks, inflated profits, and maxed-out credit cards."
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