U.S. President Barack Obama on Tuesday announced his nomination for current Federal Reserve Chairman Ben Bernanke to renew his four-year term in the same role. Taking a break from his vacation with his family in Martha's Vineyard, Massachusetts, Obama appeared alongside Bernanke to re-nominate him in the midst of an ongoing economic crisis. Obama touted Bernanke, saying he “led the Fed through one of the worst financial crises that this nation and the world has ever faced.” “Ben approached a financial system on the verge of collapse with calm and wisdom; with bold action and out-of-the-box thinking that has helped put the brakes on our economic freefall,” Obama said. Though Obama said Bernanke helped bring “our economy back from the brink,” he clarified that “we are a long way away from completely healthy financial systems and a full economic recovery.” Bernanke, who was first appointed to his post by former U.S. President George W. Bush in 2006, will have to gain Congressional approval before undertaking another term. Standing alongside Obama, Bernanke touted his organization's efforts, saying “the Federal Reserve, like other economic policymakers, has been challenged by the unprecedented events of the past few years. We have been bold or deliberate as circumstances demanded, but our objective remains constant: to restore a more stable financial and economic environment in which opportunity can again flourish and in which Americans' hard work and creativity can receive their proper rewards.”
