By J. Taylor Rushing - 01/26/10 02:22 AM EST
Bernanke traveled to the Hill Monday to meet with Minority Whip Dick DurbinDick DurbinSupreme Court limps to finish Senate Dems link court fight to Congressional Baseball Game Dems: Immigration decision will 'energize' Hispanic voters MORE (D-Ill.), who afterwards said he had some concerns but repeated his support.
“During the darkest days of this economic recession, when this country was teetering on the brink of a depression, this man and his leadership at the Federal Reserve made a difference,” Durbin said.
He said Bernanke had made critical decisions “which saved
our country from the abyss."
Durbin said he reviewed with Bernanke a list of concerns that Democratic senators have raised about his tenure. Specifically, Durbin said he and Bernanke discussed the Fed's forecasting ability, and that Bernanke was “frank and candid that mistakes were made” in failing to foresee the 2009 economic collapse. The two also discussed transparency and accountability, with Bernanke pledging more of both, as well as the need for more consumer protection and job growth.
At the White House, Press Secretary Robert Gibbs said the Obama administration remains confident in a safe margin of support. Gibbs said a vote for Bernanke would send a message of economic stability.
“This is an important opportunity to demonstrate greater stability in our overall system by approving his renomination for another term at the Fed,” he said.
To shore up the nomination, several prominent Democrats such
as Majority Leader Harry ReidHarry ReidWeek ahead: Court watchers await abortion ruling; Zika fight heads to Senate This week: Zika, Puerto Rico fights loom ahead of recess Hispanic Caucus PAC looks to flex its muscles in 2016 MORE (D-Nev.), Durbin, John KerryJohn KerryDozens of Clinton meetings left off State schedule: report Overnight Cybersecurity: Sit-in disrupts cyber hearings | Trump tries to defend claim Clinton was hacked Kerry backs government access to encrypted data MORE (D-Mass.) and
Banking Committee Chairman Chris Dodd (D-Conn.) issued statements of support
for Bernanke in recent days. The nomination received a measure of support on
Sunday from Minority Leader Mitch McConnellMitch McConnellThis week: Zika, Puerto Rico fights loom ahead of recess Trump flexes new digital muscle Juan Williams: GOP sounds the sirens over Trump MORE (R-Ky.), who said he expected
Bernanke would be confirmed with a bipartisan vote.
After a plunge on Friday, Wall Street also steadied itself Monday, with the Dow nudging upwards 24 points. It had lost more than 500 points in the last three business days last week.
Durbin announced over the weekend that he planned to support Bernanke, but arranged Monday's meeting to raise concerns over a lack of transparency and accountability. In a statement issued earlier Monday, he threatened to push banking reform legislation - a longtime priority of Durbin's - if the Fed does not.
A survey by The Hill shows 35 senators on record as supporting Bernanke, with 17 opposed.