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Bernanke to stay at helm

AP, Oak Bluffs, Massachusrts
President Barack Obama plans to reappoint Ben Bernanke to a second term as chairman of the Federal Reserve, a position from which he guided the economy away from its worst recession since the 1930s and, the White I louse hopes, toward an economic recovery critical to its legacy.
Widely credited with taking aggressive action to avert an economic catastrophe after the financial meltdown last year, Bernanke will be nominated for another term as the helm of the central bank on Tuesday. Obama plans to make the announcement on Manila's Vineyard, the Massachusetts island where he is vacationing for the week with his family.
Bernanke is expected to be at his side, said a senior administration official who discussed the nomination only on condition of anonymity because the news was not yet public.
By announcing he wants Bernanke for another term and not changing horses in midstream, Obama removes a sense of uncertainty on Wal) Street.
Bernanke masterminded what is now seen as a successful strategy to lift the economy out of recession, unlock credit and stabilise financial markets, in part by using unconventional and unprecedented lending programs. But he's not without his detractors, and the top Democrat on the Senate banking committee warned of a thorough hearing before Bernanke would take his post for a second time.
Many on Wall Street and in academic-circles believe that Bernanke would be the best choice to lead the country into a sustainable recovery and would be in the best position to figure out when and how to reel in the trillions of dollars pumped into die economy to battle the crisis.
"Wall Street can rest a little easier now," said Chris Rupkey, an economist at the Bank of Tokyo-Mitsubishi. "Having a new chairman come in at this late date would put the Fed-engineered solution to both the recovery and the exit strategy at risk."
Bernanke, appearing last week at an annual conference in Jackson Hole, Wyo, received heaps of praise from economists, academics and central bankers from around the world for his handling of the crisis. In sharp contrast, just a year earlier, as the financial crisis intensified, Bernanke was under siege because of the unprecedented actions he was taking.
But his actions now are bearing fruit. The economy is emerging out of a recession and is poised for growth. However, the recovery will be slow and the unemployment rate, now at 9.4 percent, is likely to top 10 percent this year before it starts going down.
Even with this challenge ahead, many economists and Wall Street types believe Bernanke is best suited to deal with the challenge of lowering the unemployment rate, gradually reducing joblessness and fighting off any threat of inflation.
In remarks prepared for the announce-ment, Obama praised Bernanke for leading the country through the meltdown and, with his expertise on the Great Depression, helping to prevent a crisis rivaling that of the 1930s.
"Ben 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 free-fall," Obama
said in prepared remarks obtained by the AR
In sticking with Bernanke, Obama is looking to reassure the financial sector as well as foreign central banks that his administration has no plans to change course on its largely well-received approach to rescuing the industry from its meltdown or its management of overall monetary policy.