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SenMajority ate
01-07-12

Arian Foster Womens Jersey.. a commitment to transparency and accountability in Fed policy. If the Fed refuses to exercise its authority to demand bank reform and protect Americas consumers, I will join with members of Congress to push for new laws that achieve these goals, Durbin said. Democratic Senator John Kerry, also pledging to vote in favor of the nomination, said while he had some concerns about the Feds approach to banking accountability, Chairman Bernanke should not be a scapegoat for systemic failings. Bernanke won support on Friday from SenMajority ate Leader Harry Reid although he said his support was not unconditional. With US unemployment at 10 percent and voters angry at Wall Street, members of Congress facing mid-term elections in November have come down hard on the central bank. Opposition to Bernanke from Senators Barbara Boxer and Russ Feingold on Friday brought the total of known no votes among the Democratic majority to four. Many others have said they were still on the fence. The shift was abrupt and added a new element of uncertainty for a stock market that had already been reeling in recent days. The Standard & Poors 500 fell into the red for the year-to-date on Friday, joining the Dow and Nasdaq indexes. Several Republicans have already come out against Bernanke and some have moved to block his confirmation, forcing Senate leaders to secure a super-majority of 60 votes in the 100-member chamber to move the nomination. POPULAR RESENTMENT With mid-term elections in November, many lawmakers are unwilling to take any stand that appears to benefit Wall Street. That tendency has only been sharpened since this weeks Republican upset for the Massachusetts Senate seat that had been a Democratic stronghold for decades. Large US banks, seen as the source of the financial crisis that punished the economy with the deepest recession since the 1930s, have come under pressure from Washington for their quick return to big profits and paying outsized bonuses after receiving billions of dollars in taxpayer aid. The unemployment rate currently stands at 10 percent, with more than 15 million Americans out of work. Bernanke, who was first named as chairman by former President George W. Bush, was nominated to a second term by Obama in August. It is unclear what would happen if Bernanke, who is also serving a separate, 14-year term on the Feds board, is not confirmed by the deadline. The law specifies that the vice chairman of the board, currently Donald Kohn, would serve in the absence of the chairman, but absence is not defined. ' ' '

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