Oregon Public Broadcasting

Oregon Senator Jeff Merkley says he has no confidence in Fed Chairman Ben Bernanke, and will vote against retaining him next month. April Baer reports.

Merkley’s just one of 23 members of the Senate Banking Committee, and unless there’s a major sea-change, Bernanke is considered likely to keep his job. But Merkley says it won’t be with his consent.

Jeff Merkley:  “Bernanke had a front row-seat on the development of all the factors that created the economic bubble, and basically  brought down our economy.”

Merkley says he knows Bernanke has the confidence of the President, and he doesn’t expect he’ll be able to hold up confirmation, but wants to see a greater focus at the Fed on consumer protection.

Only a handful of other Senators – mostly Republicans - have said they’ll vote against Bernanke’s reconfirmation. Procedural rules will demand the confirmation garner sixty-one votes.

Merkley’s announcement comes the same day Time named Bernanke its Person of the Year.