Shelby to oppose Bernanke nomiantion

The top ranking Republican on the Senate Banking Committee said today he'll vote against Ben Bernanke's nomination to a second term.

Sen. Richard Shelby (R-Ala.) said that "our trust and confidence were misplaced" in the Fed Chairman.

"I strongly disapprove of some of the past deeds of the Federal Reserve while Ben Bernanke was a member and its chairman, and I lack confidence in what little planning for the future he has articulated," Shelby said at a committee hearing to vote on Bernanke's nomination.

Other than Shelby, Sens. Bernie Sanders (I-Vt.), Jim DeMint (R-S.C.), Jeff Merkley (D-Ore.), and Jim Bunning (R-Ky.) have said they'll vote against Bernanke's nomination.

Nevertheless, Bernanke is expected to be confirmed.