October 24, 2005: WASHINGTON – Sen. Chris Dodd, a senior member of the Senate Banking Committee, issued the following statement in response to the nomination of Dr. Ben Bernanke to serve as Federal Reserve Chairman:

“This is a tremendously important position. It requires not only the highest understanding of our economy and financial markets but also sound judgment, excellent character and the ability to remain politically independent. Chairman Greenspan is to be commended for his long service to our country as he reaches retirement. His successor will face many challenges as our economy confronts record budget deficits, disappointing job numbers and escalating costs for everything from health care to gasoline. Many families are feeling the financial pinch so it is imperative that the next Chairman works toward an economy that benefits everyone, not just a small few. Dr. Bernanke has had a distinguished career in academia and with the Federal Reserve. As a member of the Banking Committee, I look forward to reviewing his qualifications in more detail."