Merkeley to vote against Bernanke confirmation

REUTERS, 12/17/2009 - WASHINGTON: Federal Reserve Chairman Ben Bernanke is likely to pass the first hurdle in winning Senate confirmation to serve another term on Thursday but will face unusually strong opposition as his nomination moves ahead. ∴ Bernanke and the Fed have become lightning rods for anger over financial excesses and government bailouts of Bear Stearns, American International Group, and support for the biggest U.S. banks during the worst crisis since the Great Depression. ∴ With unemployment rates in double digits for the first time in over a quarter century, public resentment over the taxpayer-funded rescue of the banking sector runs high.

"We need to have leadership that understands the goal is not Wall Street profits," Oregon Democratic Senator Jeff Merkley told Reuters on Wednesday. "The focus should be on how do you enable families to thrive and prosper." Merkley said he will vote against Bernanke, the first majority-party Democrat on the 23-member panel to express outright opposition to him. Read more at Reuters...