Obama Breaks Vacation, Keeps Bernanke at Fed

The president interrupted his vacation on Martha's Vineyard to announce that he's appointing Bernanke to a second four-year term.

Obama says Bernanke shepherded America through the worst economic crisis since the Great Depression "with bold action and out-of-the-box thinking" as well as "calm and wisdom."

Bernanke, a Republican, says if he's confirmed for another term, he'll work to provide "a strong foundation for growth and stability" in the economy.

The Fed chairman's successful, although unconventional, strategy depended in large part on creating radical and unprecedented lending programs. But he's not without his detractors. Senate Banking Committee Chairman Chris Dodd immediately warned of a thorough hearing before Bernanke would be confirmed for a second term.

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