Senator Bernie Sanders said today that he will try to block Ben Bernanke's confirmation for a second term as head of the Federal Reserve. The Vermont Independent blames Bernanke for not doing enough to stop the economy from collapsing and not doing enough to make sure banks were on their best behavior after the bailout.
“In this country, there is profound disgust at what happened on Wall Street,” Sanders told the 'Times.' “People want a new direction and people are asking, where was the Fed? How did the Fed allow this to happen, when one of their mandates is to oversee the safety and soundness of the banking system?”
Sanders's plan is to place a hold on Bernanke's nomination when it reaches the Senate floor. In order to move ahead to a confirmation vote, the rest of the Senate will need to line up 60 votes in favor of Bernanke. That's not expected to be a problem. But the hold sholdn't be a complete waste. It will provide Sanders more time to harangue Bernanke, which makes for great TV.