U.S. Senator Benjamin L. Cardin (D-MD) today issued the following statement about the upcoming vote to confirm Ben Bernanke to a second term as Chairman of the Federal Reserve:
“I will vote to confirm Federal Reserve Chairman Bernanke to a second term, despite my belief that he bears some culpability for the lax regulation of Wall Street and fiscal policies that encouraged irresponsible lending and speculation. Mr. Bernanke has taken important steps in the last year to help stabilize markets and shorten the severity of our nation’s worst economic crisis since the Great Depression.
“I met with Mr. Bernanke last week during which we discussed the importance of community banks in our economic recovery and the urgency of access to working capital for small businesses. I also emphasized the need for increased transparency in the Fed’s actions. I believe Mr. Bernanke understands the lessons learned during this recession, which include the need for the Fed to ensure that we have the right regulatory and fiscal policies in place to prevent another financial meltdown, protect consumers and promote growth.”