President Obama plans to nominate Federal Reserve Chairman Ben Bernanke for a second term as Fed chief. He intends to make the announcement Tuesday as he vacations in Martha's Vineyard.
"Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action and outside-the-box thinking that has helped put the brakes on our economic free-fall," Obama said in released prepared statements.
Bernanke was originally appointed Fed chairman by President George W. Bush, and sworn in Feb. 1, 2006. Bernanke has been praised by his supporters for creating more transparency in monetary policy-making, and guiding a sustainable recovery.