dr. bernanke as chairman of the board of governors of the federal reserve. >> thank you, nart. n. >> >> we are tasked to determine if ben bernanke will continue to be the chairman of the board of governors. we must restore financial stability and find solutions that insure that an economic crisis like the one we had last year never happens again. while there has been criticism of the federal reserve for not doing enough to protect consumers and for unprecedented actions it took during last year's financial crisis, there is also a consensus that mr. bernanke's response to the economic crisis kept our nation out of depression. going forward, there is no doubt that the fed can do better. it can be more proactive and better communicate with congress. we must not forget what mr. bernanke and the fed did write during the last month. as our nation continues on the path to economic recovery, there is no doubt that having one of the world's foremost experts on the great depression at the helm of the federal reserve is a benefit to our nation. the fed has economic and financial expertise

dr. bernanke supported each of these decisions. failing to take the precautionary steps that could have averted or mitigated financial collapse. these failures are relevant to the future. we need economic leaders who understand that the ultimate goal of economic policies and the key to meaningful economic recovery should be financially successful families, not oversized wall street profits. indeed, it should be recognized that while wall street prospered in the short term from the reduced leverage requirements, securitization of faulty mortgages, the explosion of derivatives, americans did not prosecute per. the expansion that occurred between 2002 and 2007 became the first expansion in which working families were worse off at the end of the expansion than they were at the beginning. that is not a path we can afford to travel again. dr. bernanke is a dedicated and honorable public servant. i appreciate his willingness to serve. i appreciate his scholarship and, quite frankly, i appreciate his humble and engaged style in responding

dr. bernanke said the economic house on fire.this has destroyed jobs and health care, retirement savings of millions of americans, and working families. since then, he has shown himself to be willing to use the fire hose to put the fire out. adroit with the firehose, helping to put that fire out. but as we look to the future and we look beyond the stage of putting the fire out, i think we need to look for leadership that will be e department at rebuilding our economic house. for this reason, i will be voting no on dr. bernanke's confirmation for a second term as federal reserve chairman. thank you. >> thank you, senator. snark corker. >> mr. chairman, thank you. i'll be fairly brief. i think this may be our last meeting of the year and i want to begin by thanking you, as chairman, and senator shelby as ranking member for the effort that's under way right now to have a bipartisan bill. i want to thank you both for the way your staffs are working with each other and the tone that's being set towards -- towards working to that end.

dr. bernanke as chairman of the board of governors to the federal reserve. >> thank you. . as we are tasked with the renomination and confirmation of mr. bernanke to be chairman of the federal reserve board of governors today, our nation is also faced with finding a way to restore financial stability, promote economic recovery, and to find solutions that ensure that an economic crisis like the one we faced last year never happens again. while there has been a criticism of the federal reserve for not doing enough to protect consumers and for unprecedented actions that took during the last year's financial crisis, there is also insistence that mr. bernanke's energetic response to the economic crisis kept our nation out of a depression. going forward, there was no doubt that the feds can do better. it can be more pro-active and it can better communicate with congress. but let's not forget what mr. bernanke and the fed did right during the last many challenging months. as our nation continues on the path to economic recovery, there is no doubt having one of the world's foremos

dr. bernanke represents a sin of omission.d on as if a fed put was insured. the notion was that in adverse market conditions, the fed would absorb faltering assets and flood markets with liquidity. governor bernanke at that time assured markets that the fed stood ready to use the discount window and other tools to protect the financial system. an indication that the fed put was indeed in place. promoting the existence of a fed put was i believe, an invitation for unreasonable risk-taking and moral hazard. in 2004 and 2005, chairman bernanke and other members of the board of governors spoke of the emergence of a great moderation, a potential permanent reduction in macroeconomic volatility, and risk which they argued were a result of vigilant and adept monetary policy. in retrospect, this misperception left market participants believing that large risks had been mitigated, opening the door for even greater risk-taking. dr. schwartz argues that chairman bernanke committed a sin of omission by neglecting the growing risk. accordin