Republican U.S. Senate candidate Rob Simmons and his Democratic rival, Richard Blumenthal, don’t agree on many issues, but when it comes to Ben Bernanke, they have found common ground.
Both Simmons and Blumenthal oppose the confirmation of the Fed chairman, who is up for a second term.
“Despite burying our country under trillions of dollars in new debt, the Obama Administration’s plans have done little to improve the economy for families and small businesses,” Simmon said in a statement this morning. “As a central figure in failing to anticipate and prevent the economic meltdown, an architect of the no-strings-attached government bailouts, and a defender of the Fed’s lack of transparency, Chairman Bernanke’s record does not support his confirmation for another term as Federal Reserve Chairman.”
“Whether or not Chairman Bernanke is reconfirmed, the Federal Reserve and the Administration need to focus on getting America’s economic house in order by keeping taxes low, reigning in spending and inflationary pressure and providing incentives for small businesses to grow and create jobs,” Simmons said.
Blumenthal expressed his misgivings about Bernanke in kinder terms, repeatedly emphasizing his respect for the chairman’s public service. But he also criticized Bernanke’s “inadequate” response to the financial crisis and failure to embrace “real reform.”
“As Attorney General, I have written to Chairman Bernanke repeatedly, asking him to take action against unconscionable bonuses to failed financial executives, spiraling credit card fees and interest rates, and other abuses and excesses requiring reform. Despite the intent of Congress, such increasing fees and interest rates have been widely imposed, even on many consumers who pay in full and on time,” Blumenthal said in a statement last week.
“Chairman Bernankes responses have been inadequate, consisting of broad generalities and platitudes, failing to fully acknowledge the severity of issues I and others have raised or the need for real reform. He has failed to support common sense reforms to safeguard investors and consumers and prevent Wall Street from engaging in risky practices that precipitated our nations worst economic crisis since the Great Depression.”
Peter Schiff, a broker and financial pundit who, like Simmons, is seeking the GOP nomination for U.S. Senate, has also come out against Bernanke, saying his seven-year-old son could do a better job.
Another Republican in the race, Linda McMahon, has not yet expressed an opinion on the Bernanke reappointment.
However the state’s two U.S. Senators, Chris Dodd and Joe Lieberman, both have come out in strong support of the Fed chairman.