Video: Senators John McCain and Dick Durbin discuss Ben Bernanke's confirmation vote on CBS Face the Nation -- January 24, 2010
Partial transcript, quotes, links and statements from both are inside. We also have an updated tally on the 'Bernanke vote status' of all 100 Senators.
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Updated Bernanke vote status for all Senators >>
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The Bernanke discussion begins at the 3:20 mark.
- Schieffer: "Senator, a lot of unforeseen opposition suddenly cropped up last week to the confirmation of Ben Bernanke to be the chairman of the Federal Reserve. I now count some 10 senators, five Republicans, five Democrats who say they're going to vote against him. Are you going to vote for him or against him?"
- McCain: "I'm-- I'm very skeptical about his nomination. I'm worried that if his nomination is turned down the effect that it might have. But the fact is that Chairman Bernanke was in charge when we hit the iceberg and his policies were partially responsible for the meltdown that we experienced. I think that he should be held accountable."
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McCain's announcement that he will vote no was likely spurred by the recent announcement that JD Hayworth, a '94 Newt Republican, will challenge the former GOP Presidential candidate for his Arizona Senate seat in November.
From McCain's statement:
"Our country is still facing an economic crisis and while I appreciate the service that Chairman Bernanke has performed as Federal Reserve Chairman, I believe that he must be held accountable for many of the decisions that contributed to our financial meltdown.
"Therefore, I plan to oppose Chairman Ben Bernanke's confirmation for a new term as Federal Reserve Chairman."
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For his part, Durbin met with the monetizer himself this afternoon behind closed doors, and emerged announcing his support for Bernanke.
Federal Reserve Chairman Ben S. Bernanke pledged “transparency and accountability” at the central bank, especially on the American International Group Inc. bailout, while reiterating his opposition to audits of monetary policy, Senate Majority Whip Richard Durbin said.
“He was very frank and candid in acknowledging that mistakes were made at many different levels” before the financial crisis, Durbin of Illinois, the second-highest-ranking Democrat in the Senate, told reporters today after meeting with Bernanke on Capitol Hill.
Bernanke acknowledged “that some of the early statements made for example about AIG counterparties went too far,” Durbin said. “He said at this point he can say clearly that there will be transparency and accountability at the Federal Reserve.”
Bernanke, 56, is the “best person for the job,” Durbin said. Because some Democrats will oppose Bernanke, some Republicans would need to join Democrats in supporting the Fed chief, Durbin said.
“I don’t take anything for granted until the final vote,” Durbin said.
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(Just screenshots...video is above)
