Murray Statement on Reconfirmation of Ben Bernanke as Chairman of the Federal Reserve

“Across our nation today, Americans are hurting.   The economy is struggling and while it seems like Wall Street is doing just fine, Main Street continues to suffer.   It’s the slow pace of our recovery, coupled with continued excess by big financial institutions, that has caused Americans to question whether Ben Bernanke is deserving of a second term as head of the Federal Reserve.

“There’s no question that the Fed’s policies haven’t been perfect.   Millions of American families and thousands of businesses have suffered considerable economic hardships.  Unemployment remains high and small businesses still can’t access the credit they need.   There are still signs of fragility in our housing markets.   And I’m absolutely furious that Wall Street is returning to a ‘bonuses as usual’ mentality when so many Americans are still struggling.

“But, looking back over the past 18 months, at how close our financial system came to the brink, I believe that the Federal Reserve took forceful and effective action to prevent a collapse of global financial markets and a full-fledged economic depression in the United States.

“The Federal Reserve aggressively lowered interest rates to stimulate demand and drive economic growth.  And the Fed created new, unprecedented programs to provide credit to households for consumer, auto, credit card and student loans.  And it helped keep credit flowing to businesses when frozen credit markets threatened mass failures and job losses.  The Fed’s actions are continuing to maintain stability today.

“The concern across our state and nation about the pace of our recovery is understandable.  I share that concern.  I have shared it with Ben Bernanke directly.  I told him I expect accountability and transparency from the Fed and a commitment to put the needs of American consumers ahead of Wall Street banks.  And while I hope to see a shakeup in the Administration’s economic policies and a true push for reform on Wall Street, I will vote to reconfirm Ben Bernanke because we need his experience to help maintain the stability of our financial systems in this challenging time.”