[Congressional Record (Bound Edition), Volume 151 (2005), Part 9]
[Senate]
[Pages 12741-12742]
[From the U.S. Government Publishing Office, www.gpo.gov]




NOMINATION OF BEN S. BERNANKE TO BE A MEMBER OF THE COUNCIL OF ECONOMIC 
                                ADVISERS

  Mr. FRIST. Mr. President, I ask unanimous consent that the Senate

[[Page 12742]]

proceed to consideration of Calendar No. 151.
  The PRESIDING OFFICER. Without objection, the clerk will report.
  The legislative clerk read the nomination of Ben S. Bernanke, of New 
Jersey, to be a member of the Council of Economic Advisers.
  Mr. BUNNING. Mr. President, I rise today to state my opposition to 
the nomination Dr. Ben S. Bernanke to be a member of the President's 
Council of Economic Advisors.
  Mr. Bernanke is a member of the Board of Governors of the Federal 
Reserve, and he has previously come before the Senate Banking 
Committee. I voted for his nomination in committee and on the Senate 
floor to become member of the Board of Governors. I supported him based 
on our conversation in a private meeting we had in my office. As 
Members of the Senate and those who follow the Senate know, I have had 
some concerns about the Federal Reserve.
  One of my biggest concerns is that the Federal Open Market 
Committee--FOMC--suffers from group think which seems to have no cure--
because it seems to me that no one ever challenges Chairman Alan 
Greenspan.
  I think for the FOMC to function properly, members must be true to 
their convictions and challenge the chairman. No chairman should be 
able to dominate without dissent. There must be intellectual sparring 
so all of the committee members are heard and the FOMC can come up with 
the best decision for our country. The FOMC needs independent voices.
  Governor Bernanke promised me he would be an independent voice. He 
promised me he would stand up to the chairman if the thought he was 
wrong or was being rolled. He promised that he would be that 
independent voice on the FOMC that would challenge the chairman if he 
thought he was wrong.
  Sadly, I have not seen very much evidence of his independence--or 
anyone else's independence for that matter. I have not seen him ever 
vote against the chairman. I have not seen him use his bully pulpit to 
challenge the chairman. As far as I can tell, they have not had a major 
disagreement. I find it hard to believe that he and Chairman Greenspan 
think exactly the same about all of these diverse and important 
opinions within the FOMC.
  I As important as I think it is for a member of the FOMC to be 
independent, it is more important for the head of the President's 
Council of Economic Advisors--CEA--to be independent. The chairman of 
the CEA must stand up to the President when he believes the President 
is wrong. He must challenge him. And based on his performance at the 
FOMC, I am not convinced that Mr. Bernanke will do that.
  Because he has not convinced this Senator that he will be an 
independent voice, I regretfully cannot support his nomination.
  Mr. FRIST. Mr. President, I know of no further debate on this 
nomination, and we are ready for the Chair to put the question. 
However, I note for the Record that Senator Bunning is opposed to this 
nomination and would have voted in the negative. We appreciate him 
allowing us to go forward and duly note his opposition.
  The PRESIDING OFFICER. The question is, Will the Senate advise and 
consent to the nomination of Ben S. Bernanke, of New Jersey, to be a 
member of the Council of Economic Advisers?
  The nomination was confirmed.
  Mr. FRIST. I move to reconsider the vote, and I move to lay that 
motion on the table.
  The motion to lay on the table was agreed to.
  Mr. FRIST. Mr. President, I ask unanimous consent that the President 
be immediately notified of the Senate's actions and that the Senate 
then return to legislative session.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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