Bernanke reappointed as Federal Reserve Chairman

The US Senate has approved Ben Bernanke’s nomination to a second four-year term in charge of the Federal Reserve.

Senators voted 70-30 for Bernanke despite strong opposition from Republican critics who accused him of not doing enough to prevent the economic crisis.

Supporters say without him the American economy would be in far worse shape than it is now.

As Chairman of the US central bank Bernanke has the power to set interest rates, influencing inflation and employment. Democrats say his second term is likely to focus on helping people as opposed to the banks.

He was chosen as Man of the Year in 2009 by Time magazine. Bernanke has a reputation for pragmatism and is a highly respected economist.

President Obama was forced to intervene over the past week to press senators to get the majority needed to overcome efforts to block the nomination.

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