Obama Reappoints Bernanke as Fed Chairman

President Obama said Tuesday he will reappoint Federal Reserve Chairman Ben Bernanke to a second term, praising him for his handling of the U.S. economic crisis, Bloomberg reported.

Bernanke “approached a financial system on the verge of collapse with calm and wisdom, with bold action and outside-the- box thinking that has helped put the brakes on our economic freefall,” Obama said in a statement.

Bernanke said in a statement released by the Fed that he was grateful for the reappointment and would work toward establishing a solid foundation for U.S. economic growth.

Bernanke, 55, was appointed by President George Bush and sworn in Feb. 1, 2006, following Alan Greenspan’s 18-year tenure at the Fed. His reappointment must be confirmed by the Senate.