WASHINGTON — President Barack Obama will announce Tuesday that he is nominating Ben Bernanke for a second four year term as Chairman of the Federal Reserve, White House Chief of Staff Rahm Emanuel said.

Emanuel said Obama will make the announcement from Martha's Vineyard Tuesday. He said the President credits Bernanke for "pulling the economy back from the brink of depression."

Bernanke's term as Fed Chairman expires in January. His renomination requires Senate confirmation.

President Obama met with Bernanke last week in the Oval Office to offer him another stint as Fed chairman, a White House official said.

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