Ben Bernanke is to be reappointed by President Barack Obama for a second four-year term as chairman of the Federal Reserve, according to White House officials.
Mr Obama will make the announcement on Tuesday in Martha??s Vineyard, Massachusetts, where he currently spends his holiday with his family. The reappointment of Bernanke was seen as far from guaranteed.
The Fed chairman??s reappointment still has to be approved by the Senate, but his prospects look good. Chris Dodd, chairman of the Senate banking committee, on Monday said that ??reappointing chairman Bernanke is probably the right choice?, though he promised a ??thorough and comprehensive confirmation hearing?
Mr Obama is said to credit Mr Bernanke with a leading role in helping to avert economic catastrophe.
