Senate panel approves Bernanke on 16-7 vote

Posted on: December 17, 2009
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The debate prior to the vote was contentious.

Several senators complained that the Fed had not provided information they requested prior to the vote. Many questioned Bernanke’s actions prior to the financial crisis and during the tense days in the fall of 2008 when U.S. investment banking sector essentially disappeared overnight.

Analysts expect a close vote on the Senate floor after the holiday recess.

Bernanke failed to woo the support of Sen. Richard Shelby, R-Ala. and the ranking minority member of the Banking Committee.

“I strongly disapprove of some of the past deeds of the Federal Reserve while Ben Bernanke was a member and a chairman, and I lack confidence in what little plans for the future he has articulated,” Shelby said in a lengthy statement.

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