President Obama apparently believes that you don’t change horses in midstream.
The president plans to reappoint Ben Bernanke to a second term as chairman of the Federal Reserve, a position where he guided the economy away from its worst recession since the 1930s, the Associated Press is reporting.
Credited with taking aggressive action to avert an economic catastrophe after the financial meltdown, Bernanke will be nominated for another term today, AP reports. Obama plans to make the announcement on Martha’s Vineyard, where he is vacationing for the week with his family.
“Wall Street can rest a little easier now,” Chris Rupkey, an economist at the Bank of Tokyo-Mitsubishi, told AP. “Having a new chairman come in at this late date would put the Fed-engineered solution to both the recovery and the exit strategy at risk.”
In the AJC:
In other media: