o Senate Banking Committee votes 16-7 for Bernanke

It appears that Ben Bernanke will be reconfirmed as Federal Reserve Chairman. Its a mistake to reappoint the very person that lead the US into the financial downfall of 2008.

This from the website of the Federal Reserve Board (http://www.federalreserve.gov) :

"The primary responsibility of the Board members is the formulation of monetary policy.

In addition to monetary policy responsibilities, the Federal Reserve Board has regulatory and supervisory responsibilities over banks that are members of the System, bank holding companies, international banking facilities in the United States, Edge Act and agreement corporations, foreign activities of member banks, and the U.S. activities of foreign-owned banks. The Board also sets margin requirements, which limit the use of credit for purchasing or carrying securities."

Paraphrasing the words of then Treasury Secretary Henry Paulson, who created and forced the FED to implement TARP (September 19, 2008):

"The Fed allowed banks to carry illiquid 'troubled' assets on their books, that clogged up the financial system, and undermined the strength of the financial institutions. As a result, Americans' personal savings were threatened, and the ability of consumers and businesses to borrow and finance spending, investment, and job creation was disrupted."

The Fed helped to create the financial turmoil that the US and the world is suffering from. The passage of TARP has bought some time but the economy remains weak. Congress needs to elect a leader that solves problems, not creates and perpetuates them.