Senator Sanders Moves to Hold Up Bernanke Confirmation

[tekisui]

Source: NYT

WASHINGTON — Senator Bernard Sanders of Vermont said on Wednesday that he would try to block the Senate from confirming Ben S. Bernanke to a second term as chairman of the Federal Reserve.

The move is unlikely to derail Mr. Bernanke’s reappointment, but it could slow the confirmation process and give the Fed’s critics additional opportunity to press their case. As a practical matter, it means Senate Democratic leaders will have to line up 60 votes in favor of Mr. Bernanke rather than a simple majority at a time when the Federal Reserve is under increasing populist attacks from lawmakers on both the right and the left.

Mr. Bernanke will testify on Thursday at his confirmation hearing before the Senate banking committee. He is expected to face criticism for not doing more to prevent the financial crisis, and calls by some lawmakers for a sharply reduced regulatory role in the future.

Mr. Sanders, an independent, is not a member of the Senate banking committee, but he has frequently accused the Federal Reserve of bailing out Wall Street firms and the banking industry at the expense of ordinary citizens.

“In this country, there is profound disgust at what happened on Wall Street,” Mr. Sanders said in an interview. “People want a new direction and people are asking, where was the Fed? How did the Fed allow this to happen, when one of their mandates is to oversee the safety and soundness of the banking system?”

Mr. Sanders said he would place a hold on Mr. Bernanke’s nomination when it reached the Senate floor. Under Senate rules, lawmakers would need 60 votes to override Mr. Sanders and proceed with a vote.

Though the Senate has been paralyzed by similar blocking tactics on countless other issues, Mr. Bernanke probably has enough support in both parties to clear the 60-vote hurdle.

more: http://www.nytimes.com/2009/12/03/business/03fed.html?_r=1

[DJ13]

1. Sen. Sanders has big brass ones

Its too bad no Democrats have a set.

[bullwinkle428]

2. Sen. Sanders...you are a god among men!

:patriot:

[corpseratemedia]

3. thanks sen. sanders

for trying to save this country

[gratuitous]

4. At last . . . my plan nears its nefarious nexus

Mwahahahahahaha!

With the Federal Reserve in my hands, nothing can . . .

Oops, I've typed too much already.

:hide:

[mdmc]

5. --