Federal Reserve Board Chairman Ben Bernanke's nomination to lead the central bank for another four years will be considered by the Senate Banking Committee on Dec. 3, Sen. Chris Dodd, the panel's chairman, said Friday.
Though the Senate is ultimately expected to sign off of Bernanke's nomination, the Fed chief is expected to face tough questioning. When President Obama nominated Bernanke to another term in August, Dodd noted "serious differences" he has held with the Fed.
"Chairman Bernanke was too slow to act during the early stages of the foreclosure crisis, but he ultimately demonstrated effective leadership and his reappointment sends the right signal to markets," Dodd said at the time.
The hearing is sure to serve as a forum for lawmakers to grouse about the handling of the financial crisis. He is also likely to be probed on transparency at the Fed, after Rep. Ron Paul, R-Texas, succeed on Thursday in winning committee approval of a measure that would expose more of the central bank to an audit from the Government Accountability Office.
