January 28, 2010

Wyden Statement on Confirmation of Ben Bernanke as Federal Reserve Chairman

Washington, D.C. - U.S. Senator Ron Wyden (D-Ore.) issued the following statement after voting to confirm Ben Bernanke as Chairman of the Federal Reserve:

"Over the last year and a half, I have voted against the $700 billion Wall Street bailout three times, and while I remain frustrated with Mr. Bernanke's role in crafting this policy, I am also mindful that his steady hand helped the nation avoid an economic depression. Moreover, I believe that at a time when the country is only just reaching a place of economic stability, it is essential that we project a sense of continuity at the Federal Reserve.

"A historic lack of transparency in not only the nation's financial markets but the institutions and policies that regulate them is part of what brought the country to near economic collapse. While I am willing to support the Bernanke nomination, I am not willing to support business as usual at the Federal Reserve. To address the need for greater oversight and accountability in these sectors, today I became a co-sponsor of the ‘Federal Reserve Sunshine Act of 2009,' which will finally allow badly needed oversight and transparency at the Fed."