Obama Gives Bernanke Nod for Second Term [Video]

Federal Reserve chairman Ben Bernanke may get a chance to reprise his high-profile role. Having received the nod of approval from Pres. Obama, Bernanke now awaits confirmation from the Senate.

"We need Ben to continue the work he's doing, and that is why I've said that we cannot go back to an economy based on overleveraged banks, inflated profits, and maxed-out credit cards," the president said in an announcement.

Bernanke was originally appointed by Pres. Bush. Obama's nomination signals a desire for continuity as the country emerges from the financial crisis.

In a statement thanking the president for his confidence, Bernanke thanked the president in a prepared statement for his confidence and "unwavering support for a strong and independent Federal Reserve."

For more coverage see The Wall Street Journal.