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Obama to nominate Bernanke to 2nd term

President Barack Obama is taking a break from his Martha

Federal Reserve Chairman Ben Bernanke delivers remarks at the FDIC Forum on Mortgage Lending for Low and Moderate Income Households, Tuesday, July 8, 2008, in Arlington, Va. (AP Photo/Luis M. Alvarez)

WASHINGTON (AP) - President Barack Obama is taking a break from his Martha's Vineyard vacation today to offer Federal Reserve Chairman Ben Bernanke another four-year-stint at running the central bank.

A senior administration official says Obama plans to make the announcement Tuesday morning. In prepared remarks, Obama credits Bernanke from aggressively pulling the economy from the brink. He says Bernanke "approached a financial system on the verge of collapse with calm and wisdom."

Bernanke's renomination to a second four-year term requires Senate confirmation.

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