Democratic U.S. Sen. Tom Harkin has confirmed to The Des Moines Register that he will oppose the confirmation of Federal Reserve Chairman Ben Bernanke for a second term.
Harkin joins a diverse group of senators who have publicly said they would oppose Bernanke’s confirmation, which includes Republicans like John McCain of Arizona and Jim DeMint of South Carolina, but also Democrats like Jeff Merkley of Oregon and Barbara Boxer of California.
From The Register:
Harkin said Bernanke enabled the financial and mortgage meltdowns of recent years by catering to big financial institutions and not requiring them to behave more responsibly.
“I’m going to vote against Ben Bernanke to continue chairing the fed,” Harkin said in a Des Moines Register interview. …
… Harkin said Bernanke has been too lenient on financial institutions in not requiring them to trim compensation for executives or include low-interest loans for small businesses and renewable energy as part of the taxpayer-funded bailout
Specifically, Harkin cited the Sept. 2008 bailout of insurance giant AIG as particularly permissive.
On a conference call with reporters Tuesday morning, Republican Sen. Chuck Grassley said he wasn’t sure how he would vote on Bernanke.