By a vote of 16-7, the Senate Banking Committee today voted to recommend to the full Senate that Federal Reserve Chairman Ben S. Bernanke be confirmed for a second term.
The vote did not break down entirely along party lines. Six Republicans voted against giving Bernanke a second term-including Sen. Richard Shelby (R-Ala.), the panel's top Republican-as did Sen. Jeff Merkley (D-Ore.).
Criticisms of Bernanke have included that he acted too late and that the policies enacted helped Wall Street at the expense of Main Street.
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Committee Chairman Christopher Dodd (D-Conn.) said while some of the criticisms of Bernanke are valid, if he and others hadn't acted there would likely have been "utter economic catastrophe–and I believe nothing short of that was at risk."
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