Senate Panel Clears Bernanke Nomination

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Federal Reserve Chairman Ben Bernanke's nomination to head the nation's central bank for another term was approved by the Senate Banking Committee Thursday in a 16-7 vote.

Sen. Christopher Dodd, D-Conn., the panel's chairman said Bernanke's "wise leadership" means "better days do lie ahead."

Six Democrats and one Republican voted against the Federal Reserve Chairman including Republicans Jim Bunning of Kentucky, Jim DeMint of South Carolina, David Vitter of Louisiana, Kay Bailey Hutchison of Texas, Richard Shelby of Alabama and Mike Crapo of Idaho.

The senators blame him for ignoring problems that led to the financial meltdown.

"Our trust and confidence were misplaced," Shelby said of Bernanke's leadership.

"We can't have a Federal Reserve that the majority of Americans no longer trust, and that's what we have today," DeMint added.

Sen. Bernie Sanders, I-Vt., displeased with the bailouts, announced he would block the Fed chief's nomination on the Senate floor.

Bernanke's re-nomination now goes to the full Senate, which is not expected to vote until January.

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