January 22nd, 2010 | Uncategorized

Blumenthal LAW ’73 speaks out against Bernanke

He may have been Time magazine’s person of the year, but Ben Bernanke would not get Senatorial hopeful and Connecticut Attorney General Richard Blumenthal’s LAW ’73 vote for another four years as chairman of the Federal Reserve. Blumenthal released a statement today opposing Bernanke’s reappointment.

And Blumenthal is not alone. Rep. Barbara Boxer of California and Rep. Russell Feingold of Wisconsin also came out against Bernanke today, The New York Times reported.

Read Blumenthal’s full statement below.

“While I have great respect for Chairman Bernanke, now is the time for new leadership at the Federal Reserve to do more for economic recovery on Main Street not just Wall Street. I oppose Chairman Bernanke’s confirmation to a second term as Chair of the Federal Reserve.

As Attorney General, I have written to Chairman Bernanke repeatedly, asking him to take action against unconscionable bonuses to failed financial executives, spiraling credit card fees and interest rates, and other abuses and excesses requiring reform. Despite the intent of Congress, such increasing fees and interest rates have been widely imposed, even on many consumers who pay in full and on time.

Chairman Bernanke’s responses have been inadequate, consisting of broad generalities and platitudes, failing to fully acknowledge the severity of issues I and others have raised or the need for real reform. He has failed to support common sense reforms to safeguard investors and consumers and prevent Wall Street from engaging in risky practices that precipitated our nation’s worst economic crisis since the Great Depression.

I respect Chairman Bernanke’s dedicated service, but I see firsthand as I’ve traveled the state how our economic recovery is failing to reach our citizens and small businesses.

Our country and financial system needs someone as knowledgeable as Chairman Bernanke – but with vision and commitment to bring economic recovery to everyday Americans.”