Bernanke Nomination Moving Ahead? (UPDATED)

Is anybody going to ask Ben where the $9 Trillion dollars went?

Bernanke confirmation seen passing first hurdle

Federal Reserve Chairman Ben Bernanke is likely to pass the first hurdle in winning Senate confirmation to serve another term on Thursday but will face unusually strong opposition as his nomination moves ahead.

The Senate Banking Committee is expected to recommend his confirmation to the full Senate, which is not expected to vote on his nomination until 2010. Bernanke’s four-year term expires January 31.

Bernanke is expected to gain Senate approval, but analysts believe opposition may exceed the 16 no votes former Fed Chairman Paul Volcker drew in 1983, when he raised rates to double digits and triggered back-to-back recessions to crush inflation.

UPDATE: 12.17.09:

Banking Committee approves Bernanke for second term, 16-7

The Senate Banking Committee approved Federal Reserve Chairman Ben Bernanke’s nomination for a second term, with most Dems in favor, on Thursday.

Sixteen members of the committee supported Bernanke’s bid for a second term atop the Fed, while seven senators opposed.

All but one of the committee’s 13 Democrats, Sen. Jeff Merkley (Ore.), voted for Bernanke, while the committee’s Republican members were more mixed. Six Republicans, including ranking member Richard Shelby (Ala.), voted against Bernanke, while four voted in favor.

See the vote tally here:

Yeas:

Chairman Chris Dodd (D-Conn.)
Tim Johnson (D-S.D.)
Jack Reed (D-R.I.)
Charles Schumer (D-N.Y.)
Evan Bayh (D-Ind.)
Robert Menendez (D-N.J.)
Daniel Akaka (D-Hawaii)
Sherrod Brown (D-Ohio)
Jon Tester (D-Mont.)
Herb Kohl (D-Wis.)
Mark Warner (D-Va.)
Michael Bennet (D-Colo.)
Bob Bennett (R-Utah)
Bob Corker (R-Tenn.)
Mike Johanns (R-Neb.)
Judd Gregg (R-N.H.)

Nays:

Jeff Merkley (D-Ore.)
Ranking member Richard Shelby (R-Ala.)
Jim Bunning (R-Ky.)
Mike Crapo (R-Idaho)
Jim DeMint (R-S.C.)
David Vitter (R-La.)
Kay Bailey Hutchison (R-Texas)

One must surmise that nobody on this committee asked Ben where the $9 Trillion went, which would mean,

  • They are completely in the dark,
  • They already know, and either approve or don’t care,
  • $9 Trillion dollars of missing money doesn’t even show up on their radar as important enough to ask about.

At least this meeting was not done behind closed doors and we have the names of the offenders to add to the list of don’ts for re-election.

5 thoughts on “Bernanke Nomination Moving Ahead? (UPDATED)”

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    • Lee – as you know, the national debt is something like $13 Trillion – so how does Bernanke “lose” almost the entire debt? This isn’t millions or billions – it’s trillions. I want to know where it went.

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