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Obama to Nominate Bernanke to 2nd Term as Fed Chief

By EDMUND L. ANDREWS

President Obama plans to nominate Ben S. Bernanke to a second term as chairman of the Federal Reserve, administration officials said Monday night.

The nomination, while expected, comes after Mr. Bernanke has had perhaps the most tumultuous term of any Fed chairman, helping to steer the economy through its greatest downturn since the 1930’s. Mr. Bernanke is a Republican who was appointed by President George W. Bush. Mr. Obama’s plan was confirmed by Robert Gibbs, the White House press secretary.

A top White House official said Mr. Obama had decided to keep Mr. Bernanke at the helm of the Fed because he had been bold and brilliant in his attempts to combat the financial crisis and the current deep economic recession.

"The president thinks that Ben’s done a great job as Fed chairman, that he has helped the economy through one of the worst experiences since the Great Depression and that he has essentially been pulling the economy back from the brink of what would have been the second Great Depression,” an administration official said on Monday night.

The president will make the announcement at 9 a.m. on Tuesday in Oak Bluffs, Mass., taking a brief reprieve from his weeklong vacation on Martha’s Vineyard, and he will appear with Mr. Bernanke