Obama nation is out of MF control.



scary.







January 22, 2010, 2:13 PM ET.



Senate Democrats Put Bernanke in the Crosshairs







By Susan Davis



Add to the list of legislative items in question on Capitol Hill: the confirmation of Federal Reserve Chairman Ben Bernanke to a second term.





Associated Press

Federal Reserve Chairman Ben BernankeTime Magazine’s 2009 Person of the Year is increasingly in the political crosshairs as Democrats scramble to show a renewed toughness towards Wall Street.



President Barack Obama is using proposed new rules to more tightly regulate the nation’s largest banks to send his message, while Democrats on Capitol Hill are using Bernanke—fairly or not—as a way to align themselves with the working man and not the bank executive.



California Democratic Sen. Barbara Boxer, who faces an increasingly competitive re-election bid, was the latest Democrat to come out against his confirmation today.



In a statement, Boxer lauds Bernanke for his role in helping to temper the 2008 financial crisis but adds: “However, it is time for a change — it is time for Main Street to have a champion at the Fed. Dr. Bernanke played a lead role in crafting the Bush administration’s economic policies, which led to the current economic crisis. Our next Federal Reserve Chairman must represent a clean break from the failed policies of the past.”



Boxer joins other Democrats including Vermont Independent Sen. Bernie Sanders, who is leading the charge among the liberal wing of the party against Bernanke.



Wisconsin Democratic Rep. Russ Feingold also announced today that he would oppose the confirmation.



The growing dissension over Bernanke’s confirmation could put some Senate Democrats on a collision course with the White House. An administration spokesman reiterated support for the chairman today. The president “continues to think that he’s the best person for the job, and will be confirmed by the United States Senate,” said Bill Burton.



Washington Wire’s friends at WSJ’s Real Time Economics blog have posted a tally on where the vote currently stands.



Currently, 17 senators (13 Democrats and 4 Republicans) have committed to support the nomination, while 12 (7 Republicans, 4 Democrats and 1 Independent) said they will vote no. Five senators have said they are undecided in interviews, while the remainder haven’t officially commented.



The chairman is still expected to be confirmed but the 60 votes necessary are not yet secured. His term expires Jan. 31.



Asked if the White House has a Plan B in case Bernanke’s nomination goes down, Burton said “we don’t engage in hypotheticals.” .