The Senate is likely to take action on Ben Bernanke's nomination to a second term as chairman of the Federal Reserve by year's end.

Sen. Chris Dodd (D-Conn.), the chairman of the Senate Banking Committee, said the Senate would hopefully begin hearings on Bernanke's renomination in the next few weeks, with an eye toward a confirmation vote by the end of 2009.

"My intention is to be supportive, and obviously we're going to try to do that in the next few weeks," Dodd said during an interview on CNBC. "We want to get this done by the end of the year."

President Barack Obama named Bernanke to a second term as head of the monetary institution in August, citing the Fed's role in having navigated the U.S. economy through the financial crisis of the past year.

Dodd praised Bernanke's work as well, though the financial overhaul plan offered by Dodd on Tuesday would significantly curtail the Fed's authority in the U.S. financial system.

"I have a lot of respect for him. He's been terrific through this problem," Dodd said of Bernanke. "He's really been tremendously helpful in helping us sort through these ideas, and I have great, great admiration for him."