Economics

Campaign for Liberty Pushes to Keep Hold on Bernanke Confirmation

  2010 FEB 12 - (VerticalNews.com) -- This week, the U.S. Senate plans to vote on the confirmation of current Chairman Ben Bernanke for a second term at the Federal Reserve. But what was thought to be a sure thing has hit a major stumbling block as dozens of senators have expressed serious doubts about signing off on another Bernanke term.

  A hold has been placed on Bernanke's confirmation vote by several senators, in particular Senator Jim DeMint of South Carolina, who pledged to keep a hold on the confirmation until there is a vote on S. 604, a bill for increased transparency at the Fed. The senators opposing Bernanke's confirmation seem to be reacting to a growing movement suspicious of the Federal Reserve and its role in the financial crisis.

  "The more we learn about what went on, the more we see that the average citizen is right to mistrust the men who sold us the bailouts, including Chairman Bernanke," said John Tate, President of Campaign for Liberty, who has been leading the charge to get the audit bill passed. "If Chairman Bernanke wishes to be granted another four year reign over our country's economic destiny, he must be required to first answer the American people's demands for transparency and accountability."

  Over the last year throughout the aftermath of the financial meltdown, H.R. 1207 the Federal Reserve Transparency Act, introduced by Congressman Ron Paul, has gained 317 cosponsors in the House of Representatives, while its companion bill, S. 604, has received 31 cosponsors in the Senate. Additionally, a December Rasmussen Reports survey revealed that nearly 80% of Americans agree it's time to thoroughly and completely audit the Federal Reserve System.

  "This call for transparency must be answered before any cloture motion or other vote is taken to confirm Ben Bernanke for another term as Fed chairman," Tate went on to say.

  With Bernanke's confirmation looming, a fight may occur in the Senate, as more Senators begin to line up in opposition to the confirmation in response to Americans demand for transparency.

  For more information, visit: www.CampaignForLiberty.com

  Keywords: Congressional News and Views, Economics, Elections and Campaigns, Federal Reserve, Finance, Financial, Government, House of Representatives, Investing, Investment, Other Policy Issues, Politics, Public Policy and Government, White House and Federal Government, Campaign for Liberty.

  This article was prepared by VerticalNews Economics editors from staff and other reports. Copyright 2010, VerticalNews Economics via VerticalNews.com.