Calling him the "most powerful nerd on the planet," Time magazine dubbed Federal Reserve Board Chairman Ben Bernanke its Person of the Year on Wednesday.

The news magazine's honor came on the eve of a vote by the Senate Banking Committee on whether to confirm Bernanke for another four-year term. He is widely expected to win approval by the panel and, eventually, the Senate, though Sen. Jeff Merkley, D-Ore., a member of the banking panel, said Wednesday that he would vote against Bernanke.

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