Sen. McCain to vote 'no' on second term for Fed Reserve chairman Ben Bernanke

Sen. John McCain (R-Ariz.) will vote against confirming Ben Bernanke to a second term as chairman of the Federal Reserve.

McCain, who had been undecided until now, issued a statement Monday announcing his intention to oppose the Fed chairman's nomination:

“Our country is still facing an economic crisis and while I appreciate the service that Chairman Bernanke has performed as Federal Reserve Chairman, I believe that he must be held accountable for many of the decisions that contributed to our financial meltdown.

“Therefore, I plan to oppose Chairman Ben Bernanke’s confirmation for a new term as Federal Reserve Chairman.”

Opoosition to Bernanke has been steadily growing in the Senate, but the White House remains confident he has enough votes to be confirmed to another term.