United States President <name>Barack Obama</name> announced on Tuesday that he is nominating <name>Ben Bernanke</name> for a second term as Chairman of the Federal Reserve, the central bank of the United States.

<name>Obama</name> made the announcement during a brief break from his vacation at Martha's Vineyard in Massachusetts.

"The man next to me, <name>Ben Bernanke</name>, has led the Fed through one of the worst financial crises that this nation and the world has ever faced. As an expert on the causes of the Great Depression, I'm sure <name>Ben</name> never imagined that he would be part of a team responsible for preventing another. But because of his background, his temperament, his courage, and his creativity, that's exactly what he has helped to achieve. And that is why I am re-appointing him to another term as Chairman of the Federal Reserve," the President said.

"<name>Ben</name> approached a financial system on the verge of collapse with calm and wisdom; with bold action and outside-the-box thinking that has helped put the brakes on our economic freefall," <name>Obama</name> added.

<name>Ben Bernanke</name>, who succeeded <name>Alan Greenspan</name> on February 1, 2006, will now face a Senate confirmation hearing.

"There will be a thorough and comprehensive confirmation hearing," said Senator <name>Christopher Dodd</name>, who is the chair of the Senate Banking Committee. "I expect many serious questions will be raised about the role of the Federal Reserve moving forward and what authorities it should and should not have."