Bernanke Vote Set for Thursday

Ben Bernanke's bid for a second term as Federal Reserve chairman will be decided Thursday when the Senate meets to vote on his reappointment.
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Updated from 1:38 a.m. EST

WASHINGTON (

TheStreet

) -- Ben Bernanke's bid for a second term as

Federal Reserve

chairman will be decided Thursday when the Senate meets to vote on his reappointment.

Senate Majority Leader Harry Reid has scheduled a vote for Thursday, the

Associated Press

reports.

Bernanke's first term ends Sunday, Jan. 31. Doubts about his reappointment spooked investors last week, but after lobbying from President Obama and support from some key lawmakers it appears

Bernanke has enough votes

to win approval.

The vote requires a 60-vote majority in the 100-member Senate to overcome efforts by some Senate critics to block his nomination.

Bernanke has been criticized for not recognizing early enough the signs of the coming financial crisis. He's also received heat for supporting the bailout of Wall Street and not reining in big banks. Proponents say he should be credited with

moved swiftly enough

to avoid a financial catastrophe.

-- Reported by Joseph Woelfel in New York.

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