Senate Banking Committee Chairman Chris Dodd (D-CT) ( L) confers with ranking member Sen. Richard Shelby (R-AL) during the committee's renomination proceedings for Federal Reserve Chairman Ben Bernanke Dec. 17, in Washington, D.C. The committee approved B (Win McNamee/Getty Images)
The debate about Bernanke's nomination can now take place on the Senate floor. Although Bernanke is favored by the Democrats on the committee, he assumed office in 2006 after a nomination from George W. Bush.
On Wednesday, Time Magazine gave Bernanke its Person of the Year Award, which comes at a time when people are becoming more doubtful about the United States' economic recovery.
Senate Banking Panel Chariman Chris Dodd (D-Conn.) approves of Bernanke stepping back into the role he played as chairman, adding that he "stepped up in a critical moment in our nation's history with some very wise leadership.”
However, in the midst of his support for Bernanke's nomination, Sen. Dodd said in during live feed that the Federal Reserve needs to be carefully reevaluated because its become “too complicated to succeed.”
Sen. Richard Shelby (R-Ala.) opposed the nomination for Bernanke, saying he “contributed to scale of the problems we encountered,” referring to far-reaching economic woes the United States is immersed in.
Republican Bob Corker of Tennessee supported the nomination. He acknowledged that Bernanke “made mistakes,” but the experience in dealing with the financial turmoil could make him a better candidate for chairman than someone who had never held the position.
Bernanke is “the most well-equipped person to lead the fed over the next several years,” said Sen. Corker.
The Tennessee Republican also said Bernanke was trying to build the Federal Reserve into a “financial empire” and needs reverse the Fed's expanse.
On Wednesday, Independent Sen. Bernie Sanders of Vermont said Bernanke wasn't fit to be chairman. Sen. Sanders promised to place a hold on the nomination.
Sen. Jim Bunning (R-Ken.), likened Bernanke to the captain of the Titanic, crashing into an iceberg. He called for senators to “put an end to his [Bernanke] and the Federal Reserve's failures.” Sen. Bunning was the only senator who opposed Bernanke's nomination in 2006.
Sen. Kay Bailey Hutchinson said that she would oppose another Bernanke term due to the Fed's handling of the Troubled Asset Relief Program (TARP), which she says may have caused more national debt than previously expected.
The full Senate will vote on Bernanke's term in January, as his term ends on Jan. 31.
