Fox News has confirmed that President Barack Obama will nominate Ben Bernanke to a second four year term as Chairman of the Federal Reserve.

The official announcement is expected at 9 o'clock Tuesday morning, when President Obama will make a statement to the White House Press Corps in Oak Bluffs, Mass.  Chairman Bernanke will be with Mr. Obama on Martha's Vineyard, where the president is vacationing with his family this week.

His current term as chairman expires January 31, 2010.