Bernanke Edges Closer To Confirmation

Federal Reserve Chairman Ben Bernanke appears closer to winning support for a second term CNBC reports. Uncertainty over Bernanke's confirmation rattled investors last week and helped contribute to the worst three-day slide for U.S. stocks since last March.

A spokesman for Senate Majority Leader Harry Reid said that he hoped to have a vote to confirm Bernanke later this week. Bernanke's term ends January 31.

Bernanke's reappointment has become political due to upcoming congressional elections this November. Many lawmakers fear that a show of support for Bernanke is a show of support for Wall Street. Many critics of Bernanke say he fought the financial crisis in a way that favored Wall Street and financial companies at the expense of ordinary citizens.

Many of the nation's largest banks received tax-supported bailouts last year and now generate record profits and bonuses for their employees. Meanwhile, the unemployment rate has yet to improve and stands at 10%.

Bernanke was first named chairman by former President George W. Bush and was nominated to a second term by President Obama in August.