WASHINGTON, DC-U.S. Senator Bob Casey (D-PA) released the following statement on the nomination of Ben Bernanke for a second term as Chairman of the Board of Governors of the Federal Reserve System:
“Over the last decade, many factors contributed to the near economic collapse and the recession which has cost millions of Americans their jobs. Some people want to scapegoat Ben Bernanke and ignore the significant role President Bush and the Republican Congress played in weakening regulations, allowing Wall Street profits to take precedence and driving our country deep into debt.
“Like many, I had reservations about confirming Ben Bernanke for a second term as Chairman of the Federal Reserve. Chairman Bernanke deserves credit for helping to turn our economy back from the brink of total collapse. When I spoke to Chairman Bernanke this week, I made clear that the Federal Reserve needs to show greater attention to the concerns of Main Street and the dire circumstances facing small businesses and working families.
“After reviewing Chairman Bernanke’s testimony before the Banking Committee, receiving his answers to my written questions and speaking to him this week, I expect that he will bring greater vigilance to improving the Federal Reserve’s focus on implementing strategies to create jobs for those who lost theirs through no fault of their own and increasing regulation of Wall Street excesses. I will vote for stability in this precarious economy and to confirm Chairman Bernanke. I will also closely monitor his progress.”
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