WKYT | Lexington, Kentucky | News

Fed chief awaits key Senate vote on confirmation

WASHINGTON (AP) - It's not a sure thing yet, but Senate leaders from both parties are expressing confidence that today's key vote on Federal Reserve Chairman Ben Bernanke's reappointment will succeed.

Bernanke has been a lightning rod for anger over Wall Street bailouts, but the vote is expected to draw the 60 Senators needed to overcome a Republican filibuster.

No Fed chairman nominee has been rejected by the Senate.

The stock market has been rooting for Bernanke. The Dow Jones industrial average plunged last week amid news of mounting opposition, then recovered when his prospects brightened.

The Federal Reserve wields enormous power, with the ability to set interest rates that influence economic activity, employment and inflation, as well as maintain economic stability.

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