Thursday, January 28, 2010
This seems like as good a time as any to watch this again...
Senator Ted Kaufman (D-DE) issued the following statement after voting against confirmation of Federal Reserve Chairman Ben Bernanke for a second term:
I believe the Fed Chairman did an admirable job after the financial meltdown occurred. He was proactive and took the necessary measures to stave off another Depression. But as a regulator in the period leading up to the financial crisis, Mr. Bernanke failed to insist on prudent risk management by the financial institutions it was his responsibility to oversee.At least there are a few elected officials who aren't proud of what happened today.
Going forward, I believe strongly Congress needs to do two things: First, we must reconfigure Wall Street institutions to eliminate conflicts of interest. Second, there must be no financial institutions that are too big to fail. If Congress fails to draw hard lines, then we especially will need strong regulators who will stand up to powerful Wall Street interests.
I do not believe Chairman Bernanke meets that test.