Franken Statement On Vote Opposing Bernanke Confirmation

Statement

"I didn't get the assurances I needed that consumer protection would be a priority."

Today, U.S. Sen. Al Franken (D-Minn.) voted against confirmation of Ben Bernanke to a second term chairing the U.S. Federal Reserve Board. He released the following statement:

"Working Minnesotans deserve to have the same or better protections from the Federal Reserve than Wall Street and the big banks. But that isn't currently the case in our financial system and it hasn't been the case in our response to the financial meltdown of 2008. I opposed the bailout because I didn't believe it afforded enough taxpayer protections, and that's why I oppose this nomination today.

"A strong Consumer Financial Protection Agency and other consumer protections are essential to securing our economy for Main Street and the middle class. I needed to know that a robust CFPA would be a part of financial regulatory reform in order to support Chairman Bernanke's confirmation to a second term. As governor of the Federal Reserve and then Chairman of the Federal Reserve, Bernanke did almost nothing to protect consumers and when he did, it was too late. I needed the assurance that would improve. And I didn't get that.

"While I voted for cloture because I believed this nomination deserved an up or down vote, I couldn't in good conscience support it."

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