McCain Says No To Bernanke's Confirmation

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John McCain Is Latest "No" On Ben Bernanke



Sen. John McCain (R-Ariz.) is the latest in a string of senators to announce his opposition to Federal Reserve Chairman Ben Bernanke, joining an eclectic mix of conservatives and liberals who are trying to kill the nomination before Bernanke’s term expires Jan. 31.

“Our country is still facing an economic crisis and while I appreciate the service that Chairman Bernanke has performed as Federal Reserve Chairman, I believe that he must be held accountable for many of the decisions that contributed to our financial meltdown," McCain said in a statement. “Therefore, I plan to oppose Chairman Ben Bernanke’s confirmation for a new term as Federal Reserve chairman.”

Seventeen senators have publicly declared their opposition to reappoint the embattled Federal Reserve chairman, including four Democrats, 12 Republicans and one independent. But Bernanke seemed to have picked more momentum on Monday, and 35 senators officially have committed their "yes" votes — with the most recent support coming from Senate Finance Committee Chairman Max Baucus and Sen. Dianne Feinstein (D-Calif.).

"Facing circumstances not seen since the Great Depression, he made a number of critical decisions that brought us back from the brink of economic disaster," Baucus said.

Feinstein echoed Baucus and other supporters when she said confirming Bernanke was the right thing to do for "reasons of stability and continuity" — and that "to blame one man for the financial implosion is simply wrong."

Bernanke has several key voices in his corner — Majority Leader Harry Reid (D-Nev.), Minority Leader Mitch McConnell (R-Ky.) and of course, the White House.

Yet the Fed chairman is still facing a populist backlash.

Sen. Bernie Sanders (I-Vt.), who has been one of the most outspoken opponents of Bernanke, sent a letter to Senate Democrats Monday urging them to block his confirmation.

Listing five reasons to vote against the confirmation, Sanders emphasized Bernanke's role in the Bush administration, saying the current Fed chairman "played a major role in the deregulatory efforts that enabled major financial institutions to engage in reckless and illegal behavior" and was "asleep at the wheel" as Wall Street became "the largest gambling casino in the history of the world."

With 29 senators still undecided, a 60-vote threshold needed to thwart a potential filibuster of Bernanke's confirmation and a challenging political climate developing for the 2010 midterm elections, senators are being particularly careful and deliberate in their decisions on the chairman's future.



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Sources: Politico, MSNBC, CNBC, TIME, Google Maps