Letter urging the Senate to Approve the Nomination of Ben Bernanke for a Second Term as Chairman of the Federal Reserve
January 22, 2010
TO THE MEMBERS OF THE UNITED STATES SENATE:
The U.S. Chamber of Commerce, the world's largest business federation representing more than three million businesses and organizations of every size, sector, and region strongly urges you to approve the nomination of Ben Bernanke for a second term as Chairman of the Federal Reserve.
Drawing upon years of acclaimed academic work and prior experience at the Federal Reserve, Chairman Bernanke recognized the dangers and parallels to the failed responses of 75 years ago and helped the United States narrowly avoid a second Great Depression. Through his resourcefulness and adroitness, Chairman Bernanke, in conjunction with the last two Secretaries of the Treasury, used the powers of the Federal Reserve to prevent a devastating round of deflation, stabilize credit markets that had completely frozen, and recapitalize and re-liquefy the banking system. Without those efforts, the economy would not be making the first steps towards economic recovery.
Now, as we build on those first steps toward sustainable growth, we will need the Federal Reserve to continue its program and gradually re-absorb that liquidity to achieve its dual goals of price stability and economic growth. The Chamber is convinced that as one of the architects of the plan that has brought us to this point, Chairman Bernanke is the right person to head the Federal Reserve System during this vitally important second phase.
The Chamber has a goal to allow the American free enterprise system to grow 20 million jobs over the next ten years. To meet this goal and re-employ those displaced by the recent recession, as well as those newly entering the workforce over the next decade, it will require vibrant capital markets and a growing economy. We believe that Chairman Bernanke's continued stewardship and steady hand at the Federal Reserve is paramount to that goal.
Once again, the Chamber urges you to approve the nomination of Ben Bernanke for a second term as Chairman of the Federal Reserve.
R. Bruce Josten