US President Barack Obama nominated Ben Bernanke to a second term as Federal Reserve chairman on Tuesday, entrusting him with guiding the economy out of the worst downturn since the Great Depression. Obama interrupted his vacation on the Massachusetts island of Martha's Vineyard to make the announcement with Bernanke at his side. “Ben approached a financial system on the verge of collapse with calm and wisdom; with bold action and outside-the-box thinking that has helped put the brakes on our economic freefall,” Obama said. Federal Reserve Chairman Ben Bernanke on Tuesday made the following statement at a joint appearance with President Barack Obama, who has re-appointed him to a second term: “I would like to express my gratitude to President Obama for the confidence he has shown in me with this nomination and for his unwavering support for a strong and independent Federal Reserve.” “It has been a particular privilege for me to serve with extraordinary colleagues throughout the Federal Reserve System. They have demonstrated remarkable resourcefulness, dedication, and stamina under trying conditions. Through the long nights and weekends and the time away from their families, they have never lost sight of the critical importance of the work of the Fed for the economic well-being of all Americans. I am deeply grateful for their efforts.” “The Federal Reserve, like other economic policymakers, has been challenged by the unprecedented events of the past few years. We have been bold or deliberate as circumstances demanded, but our objective remains constant: to restore a more stable economic and financial environment in which opportunity can again flourish, and in which Americans' hard work and creativity can receive their proper rewards.” US stocks were slightly higher on the news. There was no significant impact on markets in Asia and Europe.
