Sanders said he would put a hold on the nomination, a procedural ploy by which a member of the Senate gives notice to the majority leader that he does not want an issue put to a floor vote.
"The American people overwhelmingly voted last year for a change in our national priorities to put the interest of ordinary people ahead of the greed of Wall Street and the wealthy few," Sanders said in a statement, CNN reported Thursday.
"What American people did not bargain for was another four years for one of the key architects of the Bush economy," he said.
Sanders pointed out 120 banks have failed, while unemployment has soared to 10.2 percent during Bernanke's first four years on the job.
Bernanke was appointed by Bush to lead the Fed and was recommended by President Obama to serve another four years. His Senate confirmation hearing is scheduled to begin Thursday.