McConnell Says He Expects Bernanke to Win New Term
Senate Republican leader Mitch McConnell said he expects Federal Reserve Chairman Ben S. Bernanke will win a second term, indicating enough Republicans will join Democrats in backing the central banker.
“He’s going to have bipartisan support in the Senate, and I would anticipate he will be confirmed,” McConnell, a Kentucky Republican, said today on NBC’s “Meet the Press.” McConnell, 67, declined to say how he would personally vote.
Three White House officials also said today that they’re confident Bernanke will be approved. The Fed chief’s confirmation was less assured on Jan. 22 when the two top Senate Democrats signaled they were undecided and other Democrats announced their opposition.
Separately, Senator John Cornyn, a Texas Republican, said on “Fox News Sunday” he would vote against Bernanke, while Republican Orrin Hatch of Utah and Democrat Robert Menendez of New Jersey told CNN they would support the 56-year-old Fed chief, a Republican economist first appointed by President George W. Bush four years ago.
Bernanke’s term expires Jan. 31. President Barack Obama announced the renomination in August. A Senate vote hasn’t been scheduled.
Obama received assurances from Senate Majority Leader Harry Reid over the weekend that Bernanke will be confirmed, White House senior adviser Valerie Jarrett said on NBC, after support among Democrats ebbed in the wake of an upset victory by Republican Scott Brown in the Jan. 19 Massachusetts special election.
Confident of Confirmation
Support for Bernanke yesterday came from Richard Durbin, the second-ranking Senate Democrat who earlier was undecided. Christopher Dodd, a Democrat who chairs the banking committee, and Judd Gregg, the top Republican on the budget committee, said they are confident that Bernanke will be confirmed.
Traders at Intrade, a Web exchange for futures contracts based on political outcomes, saw a 94 percent chance Bernanke would be confirmed, up from 88 percent yesterday. The contract traded as low as 65 percent on Jan. 22 before starting to rebound once Reid announced his support.
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Tags: Finance