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.