Ben Bernanke's re-nomination to the Federal Reserve may actually be in some trouble. While Jeff Merkley and Bernie Sanders are the only members of the Democratic Senate caucus to date who have come out in opposition, an article today in Roll Call suggests that several more are in opposition, and many others are undecided:
At Wednesday's Democratic caucus meeting, according to Senators, liberals spoke out against confirming Bernanke for a second term. Those liberals tried to make the case that the White House needs to put in place fresh economic advisers to focus on "Main Street" issues like unemployment rather than Wall Street concerns. Moderates were more reserved, Senators said, but have similarly withheld their support for Bernanke.
"I'm looking at both sides of the argument, but I haven't made any decisions," Sen. Claire McCaskill (D-Mo.) said Thursday.
Sen. Sheldon Whitehouse (D-R.I.) was more direct when asked whether he reached a decision on the nomination: "Not finally, but not leaning favorably."
The Senate Banking, Housing and Urban Affairs Committee approved Bernanke's nomination 16-7 last month, a tepid vote for the man first appointed by President George W. Bush and renominated by President Barack Obama for another four-year term. Sen. Jeff Merkley (D-Ore.) was the only Democrat to vote against Bernanke in committee, but Sen. Sherrod Brown (D-Ohio) said during that Dec. 17 vote that, "I'm not certain yet what I'll do on the Senate floor."
This should be a moment for a grand trans-partisan coalition for change. Some Senate liberals, plus most Senate Republicans, are opposed to Bernanke's reconfirmation. What about the Conservadems who claim that the party needs to change after the Massachusetts election? What about the members of the Democratic Senator caucus who voted against the bailout? Bernanke has personally conducted a bailout three times that size. Shouldn't Cantwell, Dorgan, Feingold, Johnson, Landrieu, Bill Nelson, Debbie Stabenow, Jon Tester, and Ron Wyden oppose Bernanke, too? If they did, Bernanke's confirmation would be DOA.
Anyone opposed to the current economic status quo from any political perspective should be opposed to Bernanke's reconfirmation. Voting to confirm him just says that you think the economy did just fine from 2005-2009, and that the government's actions before, during and after the meltdown was just hunky-dory. The Fed is sitting on trillions of dollars that could be used to increase lending and help struggling homeowners right now. It is far more money than Congress could ever pass in a jobs bill in 2010. Bernanke is just giving it all to Wall Street.
If that is cool with you, and you think things are going just fine, then support Bernanke. If you think we need to change our economic policies, then stop him right now.
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