Obama wants Bernanke to stay

[0:05] ..." I total -- I have an important announcement to make concerning the Federal Reserve. The man next to me Ben Bernanke has led the Fed through one of the worst financial crises that this nation in"...

[0:39] ..." I -- re appointing him to another term as chairman of the Federal Reserve. That approach to financial system on the verge of collapse with home and wisdom. Would bold action and out of the box"...

[1:45] ..." showing signs of life. Business investment is showing signs of stabilize. Our housing market and credit markets have been saved from collapse. Horses I've said before we are a long way away. Problem completely. Healthy financial"...

[3:05] ..." pain for everybody else. That's why even though there some resistance on Wall Street for those who would prefer. To keep things the way they are we will pass reforms necessary to protect consumers. Investors. In the entire financial system and we will continue to maintain a strong and independent. Federal Reserve. We'll also keep working towards. The reform of a health insurance system was crossing discriminatory practices are bankrupting our families -- businesses"...

[4:47] ..." this nomination. And for his unwavering support for strong and independent Federal Reserve. It's been a particular privilege for me to serve with the extraordinary colleagues throughout the Federal Reserve System. They've demonstrated remarkable resourcefulness. Dedication. And stamina. Under trying conditions. To the long nights and weekends and the time away from their"...

[5:27] ..." Without their support and sacrifice I could not undertake this task. The Federal Reserve like other economic policy makers has been challenged by the unprecedented events of the past few years. We have been bold. Or"...

[0:00]" Good morning everybody. I apologize. For interrupting but relaxing but I total -- I have an important announcement to make concerning the Federal Reserve. The man next to me Ben Bernanke has led the Fed through one of the worst financial crises that this nation in the world was ever face. As an expert on the causes of the Great Depression. I'm sure -- never imagined that he would be part of -- 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 -- re appointing him to another term as chairman of the Federal Reserve. That approach to financial system on the verge of collapse with home and wisdom. Would bold action and out of the box thinking that has helped put the brakes on our economic freefall. Almost none of the decisions that he or any of us made have been easy. Actions we've taken to stabilize our financial system to repair. Credit markets restructure our auto industry and pass a recovery package have all been steps of necessity. Not shorts. They face plenty of critics some of whom argued that we should stay the course or do nothing at all. But taken together this bold persistent experimentation. Has brought our economy back from -- steps -- work. Our topic. Our recovery plan as put tax cuts in people's pockets. Extended health care and unemployment insurance to those who have borne the brunt of this recession. And is continuing to save and create jobs that otherwise would have been lost. Our auto industry is showing signs of life. Business investment is showing signs of stabilize. Our housing market and credit markets have been saved from collapse. Horses I've said before we are a long way away. Problem completely. Healthy financial systems than a full economic recovery. And I will not let up until those Americans were looking for jobs confine them. Until qualified businesses large and small we need capital to grow and find loans at a rate they can report. And until all responsible mortgage holders can stay in their homes. That's why we need Ben Bernanke to continue the work he's -- And that's why I've said that we cannot go back to an economy based on over leveraged banks inflated profits and maxed out credit cards. -- even as we've taken steps to rescue our financial system and our economy. We must now work to rebuild a new foundation for growth and prosperity. We have to build an economy that works for every man woman leads the world in innovation. In investments and in exports. Exports. Part of that foundation has to be it financial regulatory system that ensures we never faced a crisis like this again. We've already seen how lax enforcement and weak regulation can lead to enormous wealth for few and enormous pain for everybody else. That's why even though there some resistance on Wall Street for those who would prefer. To keep things the way they are we will pass reforms necessary to protect consumers. Investors. In the entire financial system and we will continue to maintain a strong and independent. Federal Reserve. We'll also keep working towards. The reform of a health insurance system was crossing discriminatory practices are bankrupting our families -- businesses and our government. We will continue to build a clean energy economy that creates the jobs and industries with future with the in our borders. And we'll give our children and our workers with skills and training they need to compete for these jobs in the 20%. Much like the decisions we made so far. The steps we take to build this new foundation will not be easy change Everest. It's -- and I both know it comes would debate and disagreement. And resistance from those who prefer the status quo. And that's all right. Because that's how democracy is supposed to work. But no matter how difficult changes we will pursue it relentlessly because it is absolutely necessary lift this country up. And create an economy leads to good jobs brought growth. In the future our children can count on. That's what we're here to do that's what will continue to do. In the months ahead so I wanted to congratulate them on the work that he's done so far. Which and continued success in the hard work that he has before thank you so much the."

[4:39]" Thank you Mr. President. I'd like to express my gratitude to President Obama. For the confidence he's shown in me -- this nomination. And for his unwavering support for strong and independent Federal Reserve. It's been a particular privilege for me to serve with the extraordinary colleagues throughout the Federal Reserve System. They've demonstrated remarkable resourcefulness. Dedication. And stamina. Under trying conditions. To the long nights and weekends and the time away from their families. They've never lost sight of the critical importance of the work of the Fed. The economic wellbeing of all Americans. I'm deeply grateful for their efforts. I especially want to take my own family my wife -- and our children -- and Elisa. Without their support and sacrifice I could not undertake this task. The Federal Reserve like other economic policy makers has been challenged by the unprecedented events of the past few years. We have been bold. Or deliberate as circumstances demanded. But our objective remains constant. Restore a more stable financial and economic environment. Which opportunity can again flourish. And in which Americans hard work and creativity. Can receive their proper rewards. Mr. President. I commit today to you and to the American people. That if confirmed by the Senate. I will work -- the utmost in my abilities. With my colleagues that the Fed reserve and alongside the congress and administration. To help provide a solid foundation for growth and prosperity. In an environment of price stability. Thank you --"