Bernanke was facing harsh criticism in light of continuing economic struggles here, as well as public anger over the $700-billion bailout. President Obama, however endorsed the current Fed chairman and proposed that Bernanke remain for another term.
Bernanke was appointed by then-sitting President George W. Bush, taking over the position from the much ballyhooed Alan Greenspan who had served as the Fed chairman under presidents Ronald Reagan, George Bush and Bill Clinton. Amid Congressional concerns, public outrage and warnings of dire consequences for a non-vote by the likes of Treasury Secretary Timothy Geithner, Bernanke remains a controversial figure, despite the resulting positive vote from the Senate.
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