By J. Taylor Rushing - 01/26/10 02:22 AM EST
Bernanke traveled to the Hill Monday to meet with Minority Whip Dick DurbinDick DurbinReid: 'Lay off' Sanders criticism Senators tout 4.5B defense spending bill that sticks to budget Lawmakers seek changes in TSA PreCheck program 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 ReidClinton urged to go liberal with vice presidential pick Overnight Finance: Puerto Rico bill clears panel | IRS chief vows to finish term | Bill would require nominees to release tax returns Wasserman Schultz fights to keep her job MORE (D-Nev.), Durbin, John KerryJohn KerryGOP senator calls for China to crack down on illegal opioid Obamas to live in home of former Clinton press secretary: report Even in defeat, Trump could harm the country irreparably 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 McConnellRyan seeks to put stamp on GOP in Trump era Trump and Ryan to speak by phone Bill would require nominees to release tax returns 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.