The U.S. Senate banking committee voted 16-7 on Thursday in favour of having Ben Bernanke steer the nation's economy as chair of the Federal Reserve for another four years.
U.S. Federal Reserve Chairman Ben Bernanke testifies before the House budget committee on Capitol Hill in Washington in June. (Jim Young/Reuters) Bernanke's nomination will now move to the full Senate for consideration.
The 56-year-old Bernanke appears to have enough votes to win a second term, but some senators are lining up against him.
Critics have blamed him for not spotting problems that led to the financial crisis, failing to protect consumers and supporting Wall Street bailouts.
Senator Bernie Sanders, an independent liberal from Vermont, is angered by Wall Street bailouts and is leading a campaign to block the nomination on the Senate floor. He has placed a "hold" on the nomination, meaning it will require a super-majority of 60 votes to confirm him.
Opposition mounting
Alabama Republican Senator Richard Shelby was another one of the seven who voted against Bernanke in the powerful committee, and will maintain his opposition to Bernanke's stewardship into the full Senate, he said Thursday.
"I strongly disapprove of some of the past deeds of the Federal Reserve while Ben Bernanke was a member and its chairman, and I lack confidence in what little planning for the future he has articulated," the Wall Street Journal quoted Shelby. "I will be opposing a second term."
Kentucky Republican Senator Jim Bunning also urged the Senate to hold off approving a second term until the Fed provides lawmakers with further details of its activities and policies during the past year.
"[I demand] that we be given this information before moving forward," Bunning said. "We must know what the Fed is hiding from us and from the American people."
Bernanke's term ends Jan. 31, and unless his detractors relent, a full Senate vote on his nomination is not expected until next month.
With files from The Associated Press
