Sanders rails on Bernanke, calls for new Fed nominee

Sen. Bernie Sanders (I-Vt.) on Wednesday demurred Time magazine's decision to award Federal Reserve Chairman Ben Bernanke its "Man of the Year" honor.

The senator, who has long and adamantly opposed Bernanke's confirmation to a second term at the helm of the Fed, described the title this afternoon as unfitting for someone who promoted "wild speculation" and "illegal behavior" throughout his time at the Fed.

Sanders also said it was ironic that Time's editors compared Bernanke's current work to former Fed chairman Alan Greenspan's tenure -- both of whom the magazine has described as "clueless" during the lead-up to last year's economic meltdown.

"Not since the Great Depression has the financial system been as unsafe, unsound and unstable as it has been during Bernanke's tenure," Sanders, who plans to place a hold on Bernanke's confirmation, told reporters on Wednesday.

"I am urging President Barack Obama to give us a new nominee" to head the Fed, he added.

Sanders has long made clear that he plans to vote against Bernanke's nomination, which the Senate Banking Committee plans to take up next Thursday. However, support from the panel's Democrats, including Chairman Chris Dodd (D-Conn.), should assure Bernanke's survival in the first stage of his confirmation.

But Bernanke faces a far more daunting hurdle once the full Senate considers his nomination. Already, at least five senators -- Sens. Jim Bunning (R-Ky.), Jim DeMint (R-S.C.), David Vitter (R-La.), Jon Kyl (R-Ariz.) and Sanders -- have placed public holds on his confirmation vote. Additionally, Sen. Jeff Merkley (D-Ore.) signaled Wednesday he would ultimately vote against Bernanke.

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