On Tuesday President Obama declared Benjamin Bernanke’s approval to continue his position as Federal Reserve Chairman. The issue is still in progress, however if approved by Senate, Bernanke will be in position to serve his second four-year term. Here are some facts about what Bernanke accomplished in 2007:
-Decreased the main interest rate to a near zero rating while funneling close to a trillion dollars into U.S. banks to steady credit.
-Questioned by legislators for reacting too slowly when obvious signs of trouble in the mortgage market arose.
-Handled the financial crisis with “calm and wisdom,” according to Obama.