Dodd, Gregg: Bernanke Will Win Second Term

Sen. Christopher Dodd (D., Conn.), chairman of the Senate Banking Committee, and Sen. Judd Gregg (R., N.H.), a member of the committee, said they expect Ben Bernanke to win Senate backing for a second term as chairman of the Federal Reserve despite substantial opposition in the Senate.

"In the last few days there have been a flurry of media reports on Chairman Bernanke's confirmation prospects, highlighting a very vocal opposition," the two senators said in a statement Saturday."

"Chairman Bernanke has done an excellent job responding to one of the most significant financial crises our country has ever encountered. We support his nomination because he is the right leader to guide the Federal Reserve in this recovering economy. Based on our discussions with our colleagues, we are very confident that Chairman Bernanke will win confirmation by the Senate for a second term."

The senior Republican on the Banking Committee, Sen. Richard Shelby (R., Ala.), voted against confirming Mr. Bernanke for a second term when the committee considered the nomination. 

Neither Sen. Dodd nor Sen. Gregg are seeking re-election this year.

Mr. Bernanke's term as Fed chairman expires Jan. 31. 

Because at least four senators have used their prerogative to object to a vote on his confirmation, Mr. Bernanke needs 60 votes. 

As of Friday, a Dow Jones News Service tally had 26 senators declared in favor of confirming him for a second term, and 15 opposed. The remaining 59 haven't committed. Senate Majority Leader Harry Reid (D., Nev.) said Friday he will support Mr. Bernanke's confirmation.