Committee approves nomination of Bernanke as new Fed chair - WMC Action News 5 - Memphis, Tennessee

Committee approves nomination of Bernanke as new Fed chair

CAPITOL HILL (AP) - The Senate Banking committee has approved the nomination of Ben Bernanke as the next chairman of the Federal Reserve Board.

The voice vote sends his nomination to the full Senate, which is expected to easily confirm him.

The timing of that vote is unclear.

Only Senator Jim Bunning of Kentucky voted against Bernanke. Bunning voiced concerns that Bernanke won't be enough of an independent thinker and will be too much in the mold of outgoing Fed Chairman Alan Greenspan.

The committee's approval comes just a day after Bernanke's confirmation hearing.

The aim is to have Bernanke ready to take over when Greenspan retires at the end of January.

(Copyright 2005 by The Associated Press. All Rights Reserved.)

Powered by Frankly