Boxer opposing Bernanke

The California senator, who happens to be running for reelection this year, announced this morning that she won't vote to confirm Ben Bernanke for a second term as chairman of the Federal Reserve. She said she had "a lot of respect" for him and that he helped prevent the economic crisis from getting worse. "However, it is time for a change," she said. "It is time for Main Street to have a champion at the Fed." Also coming out against Bernanke is Sen. Russ Feingold of Wisconsin. All of a sudden, they're having trouble scaring up the 60 votes necessary to confirm Bernanke. From the NYT:

To some degree, Mr. Bernanke is caught up in the same kind of populist anger that defined the Massachusetts Senate race, in which the Republican candidate, Scott Brown, pulled off a remarkable upset on Tuesday by beating his Democratic opponent to take the seat long held by Edward M. Kennedy. Opposition to Mr. Bernanke has emerged from both the left and the right, as anger has mounted over the Fed's extraordinary interventions in the market in 2008 -- which have been lumped together with the huge bailouts of big financial institutions -- and over the perceived regulatory failings of the Fed in the years preceding the crisis.

Interesting note from Fed expert Allan Meltzer: The Senate has never voted to outright reject a Fed nominee. Here's Boxer's statement:

"I have a lot of respect for Federal Reserve Chairman Ben Bernanke. When the financial crisis hit in late 2008, he took some important steps to prevent what many economists believe could have been an even greater economic catastrophe. However, it is time for a change - it is time for Main Street to have a champion at the Fed. Dr. Bernanke played a lead role in crafting the Bush administration's economic policies, which led to the current economic crisis. Our next Federal Reserve Chairman must represent a clean break from the failed policies of the past."