Scott Spiegel

“Ben Bernanke’s prospects for a second term as Federal Reserve chairman were thrown into doubt on Friday as the Obama administration scrambled to shore up faltering support among Democrats in the Senate.

“Congressional critics of Mr Bernanke, some fearful for their own re-election prospects and others critical of the Fed’s management of the financial crisis, moved against him, adding to a list of proclaimed no votes.

“Democratic senators Barbara Boxer from California and Russ Feingold from Wisconsin, said that they would oppose Mr Bernanke in a vote that has been promised before the end of his term on January 31.

“Mr Bernanke needs 60 votes to secure confirmation as a result of procedural blocking tactics…

“Earlier, the vote of Harry Reid, Democratic leader in the Senate, had appeared to be in doubt, but he issued a statement that said: ‘While I will vote for his confirmation, my support is not unconditional.’”

http://www.ft.com/cms/s/0/3831df1c-0780-11df-915f-00144feabdc0.html

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