The clock is ticking for the Senate to act on Ben Bernanke's re-nomination as Federal Reserve chairman before his term expires on January 31.
Majority Leader Harry Reid could file a cloture motion as early as Wednesday, when the Senate reconvenes for its first full session after the holiday, which would clear the way for a vote on Mr. Bernanke's second four-year term later this week or early next, Senate aides said.
A cloture vote, which requires the support of 60 senators, is required because at least four senators used their prerogative to block a vote. Some want the Senate to vote first on a bill to expand congressional audits of the Fed's monetary policy, a move that Mr. Bernanke and many senior lawmakers oppose. Other senators have suggested they would use the floor debate about Bernanke to raise questions about the Fed's September 2008 bailout of American International Group Inc. In a bid to quell the congressional anger about AIG, Mr. Bernanke on Tuesday invited a full audit by the Government Accountability Office on the Fed's role in rescuing and overseeing the insurer.
A cloture filing Wednesday would mean the earliest the Senate could vote on the nomination would be Friday. A spokeswoman for Sen. Reid said nothing has been set yet.
Mr. Bernanke is expected to receive the 60 votes his confirmation requires. But opposition among some senators, and other priorities in the Senate such as health care, could delay a vote.
---
Continue reading at the WSJ >>