Sanders Continues Campaign Against Bernanke

Posted January 27, 2010 at 3:21pm

Sen. Bernie Sanders (I-Vt.) on Wednesday continued his campaign against Ben Bernanke’s nomination to a second term as Federal Reserve chairman and argued that President Barack Obama should make changes to his team of economic advisers.

“I know the president isn’t happy with the work I and others are doing,— Sanders said.

But, Sanders said, “I think the president would be very well-served to have a populist voice at his side.—

Sanders’ comments came on the same day that Treasury Secretary Timothy Geithner came under fire by members of the House Oversight and Government Reform Committee over his role in the bailout of American International Group. Republicans and Democrats have criticized Geithner for his handling of the $182 billion bailout in 2008, when he was president of the New York Federal Reserve, and liberals have grown increasingly frustrated with his tenure at Treasury.

Sanders has sought to channel that frustration into a revolt against Bernanke’s nomination in the Senate. Senators are expected to vote on his confirmation later this week.

“We are going to get more opposition than we ever dreamed we’d get. And even if we lose, I think we’re going to send a strong message that there needs to be a change,— Sanders said.

Democratic leaders and White House officials, including Secretary of State Hillary Rodham Clinton and economic adviser Larry Summers, have been whipping Senators to vote in favor of Bernanke’s nomination, and in recent days their efforts have yielded additional support. Minority Leader Mitch McConnell (R-Ky.), who has not said how he intends to vote, predicted Wednesday that “the chairman is going to be confirmed with a bipartisan vote.—