Seeking another term, Bernanke defends actions, encounters new roadblock


Federal Reserve Chairman Ben Bernanke Thursday started the arduous process of confirmation for a second term as Chairman of the Federal Reserve. At hearings in Washington, the chairman of Senate Banking Committee, Sen. Christopher Dodd, called the central bank's record an "abysmal failure." Dodd had already proposed legislation to weaken the Fed, although he did publicly announce support for Bernanke at the start of the hearings.

Sen. Charles Schumer gave Bernanke an even stronger nod, reminding everyone that his quick actions prevented a second Great Depression.