Chairman of the United States Federal Reserve
On February 1, 2006, Bernanke began a fourteen-year term as a member of the Federal Reserve Board of Governors and a four-year term as chairman (after having been nominated by President Bush in late 2005).[31][32] By virtue of the chairmanship, he sat on the Financial Stability Oversight Board that oversees the Troubled Asset Relief Program. He also served as chairman of the Federal Open Market Committee, the System's principal monetary policy making body.
His first months as chairman of the Federal Reserve System were marked by difficulties communicating with the media. An advocate of more transparent Fed policy and clearer statements than Greenspan had made, he had to back away from his initial idea of stating clearer inflation goals as such statements tended to affect the stock market.[33] Maria Bartiromo disclosed on CNBC comments from their private conversation at the White House Correspondents' Association Dinner.[34] She reported that Bernanke said investors had misinterpreted his comments as indicating that he was "dovish" on inflation. He was sharply criticized for making public statements about Fed direction, which he said was a "lapse in judgment."
On August 25, 2009, President Obama announced he would nominate Bernanke to a second term as chairman of the Federal Reserve.[35] In a short statement on Martha's Vineyard, with Bernanke standing at his side, Obama said Bernanke's background, temperament, courage and creativity helped to prevent another Great Depression in 2008.[36] When Senate Banking Committee hearings on his nomination began on December 3, 2009, several senators from both parties indicated they would not support a second term.[37][38][39][40][41][42]
However, Bernanke was confirmed for a second term as chairman on January 28, 2010, by a 70–30 vote of the full Senate,[43] historically the narrowest margin for any occupant of the position.[44] (For the roll-call vote, see Obama confirmations, 2010.) The Senate first voted 77–23 to end debate, Bernanke winning more than the 60 approval votes needed to overcome the possibility of a filibuster.[45] On a second vote to confirm, the 30 dissents came from 11 Democrats, 18 Republicans and one independent.[45]
Bernanke was succeeded as Chair of the Federal Reserve by Janet Yellen, the first woman to hold the position. Yellen was nominated on October 9, 2013, by President Obama and, confirmed by the United States Senate on January 6, 2014.[46]