Jan 28 2010

Graham Supports Bernanke Nomination

WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today supported Ben Bernanke for a second term as Chairman of the Federal Reserve. 


“I remember what it was like in the fall of 2008 when the stock market went down nearly a thousand points and we had major financial institutions failing one after another.  Chairman Bernanke and a few others came up with a game plan to avert a complete financial meltdown that would have led to a second Great Depression.  Had we not acted to stabilize the financial system, I believe things today would be even worse. 


“Unemployment continues to rise in South Carolina and I know people in our state are hurting.  The economy today is not where any of us want it to be.  I think it is unfair though to try and hold Chairman Bernanke responsible for all our economic problems.  There is plenty of blame to go around. 


“I do not agree with every decision he’s made as Chairman, and I think we can bring more transparency to its operations.  I have already co-sponsored legislation for an audit of the Fed’s activities.  But on balance, I think he’s been a steady hand at the tiller.  And the last thing the American economy needs is a change in Federal Reserve leadership which could create tremendous disruption and uncertainty throughout our financial system.”