Dr. Coburn on Bernanke VoteSubscribers to my Facebook page have recently asked for my rationale in voting to confirm Chairman Bernanke. Just as I did immediately after the vote on my official Senate webpage, I welcome this opportunity to again share my thoughts on this vote.
Update Regarding Bernanke Confirmation
First, I share many of the same concerns regarding the Federal Reserve expressed by readers of this page. The Federal Reserve must become more transparent and I have delivered that message directly to Mr. Bernanke. As the author of the most sweeping government spending transparency law in a generation, I am also strongly supportive of pending legislation that will open the books of the Federal Reserve and require a thorough audit.
Second, the Majority in the Senate and White House do not share our outlook on the proper limits of the Federal government and another nominee very likely would have been far, far worse. Instead, I think we are better off working with the current Chairman to bring about much needed reforms, while pushing for greater transparency.
Finally, this vote was designed to provide a scapegoat for the politicians in Congress whose selfish political aims led to the economic meltdown in the first place. We cannot lose sight of the fact that it was Congress, under the leadership of both parties, who designed the policies that inflated the housing markets and whose spend and borrow practices are destroying the American dollar and the value of our savings.
I respect those who wish I had voted against Mr. Bernanke, but I also hope you have a better understanding of how I arrived at my decision. In the days ahead, I will continue to force my colleagues to consider their role in the economic downturn, and their responsibility to all Americans to rein in spending and spiraling deficits.
Tom A. Coburn, MD