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Gibbs: Bernanke has votes for 2nd term

Jan. 24, 2010 at 12:44 PM

WASHINGTON, Jan. 24 (UPI) -- Federal Reserve Chairman Ben Bernanke will be confirmed by the U.S. Senate for a second term, President Barack Obama's spokesman predicted.

Citing bipartisan support from Sens. Judd Gregg, R-N.H., and Christopher Dodd, D-Conn., White House Press Secretary Robert Gibbs said on "Fox News Sunday" that Bernanke will get the necessary votes in the Senate for confirmation.

"We believe he will be confirmed," said Gibbs.

Crediting him with playing a key role in steering the country away from the brink of a financial meltdown saying a second term for Bernanke is crucial "to ensure stability in our financial system,' Gibbs added, "I think now would be a particularly bad time to send a signal to the international community and to our overall financial system by playing politics in any way with this upcoming vote."

But a political opponent of the Obama administration, Sen. John Cornyn, R-Texas, said on the same program he would vote against Bernanke's confirmation.

"I think they need a fresh start," Cornyn said. "And I think that would be the best thing for this administration and for the country."

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