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Thursday, January 28, 2010

One day after supposedly bashing the banks, the Obama-led Democrats re-nominate top banker

WASHINGTON ( -- Federal Reserve Chairman Ben Bernanke was confirmed for a second term Thursday by the U.S. Senate. The final confirmation vote was 70-30.

The vote, which occurred just three days before Bernanke's first term was scheduled to end, came after heavy lobbying by Democratic leaders and the Obama administration. President Obama, himself, made calls last weekend. And Senate Majority Leader Harry Reid, D-Nev., lobbied Republicans to make sure he had enough votes.

Despite the strong showing, Bernanke won his confirmation by one of the smallest margins of all time for a Fed chairman. Often the confirmation of a Fed chairman is so overwhelming and uncontroversial, it's done by a voice vote.

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