Key senators lead charge for Bernanke

Over the past few days, five key senators have led a counteroffensive against a tide of opposition to the reconfirmation of Federal Reserve Chairman Ben Bernanke.

After signs emerged that Bernanke’s appointment to a second term may have been in danger, public statements from high-powered senators have been helping pave the way for his confirmation.

Senate Majority Leader Harry ReidHarry ReidConservative Senate candidate calls on GOP to end filibuster Ex-Reid aide: McConnell's 'original sin' was casting ObamaCare as 'partisan, socialist takeover' GOP faces growing demographic nightmare in West MORE (D-Nev.) on Friday kicked off the defense of the embattled Fed chairman, issuing a statement that he will vote for his confirmation.

Next, top senators from two key committees said they would back Bernanke for a second term.

Senate Banking Committee Chairman Chris Dodd (D-Conn.) and Budget Committee ranking member Sen. Judd Gregg (R-N.H.) issued a joint statement, saying, “We support his nomination because he is the right leader to guide the Federal Reserve in this recovering economy.”

The second-ranking Senate Democrat, Majority Whip Dick DurbinDick DurbinSenators who have felt McCain's wrath talk of their respect for him Graham and Kushner met to discuss immigration differences: report Trump's FBI nominee passes committee, heads to full Senate MORE (Ill.), followed his three colleagues on Saturday evening in announcing his support for Bernanke. Veteran Sen. John KerryJohn KerrySenators who have felt McCain's wrath talk of their respect for him Dems see huge field emerging to take on Trump Budowsky: Dems need council of war MORE (D-Mass.) joined his colleagues on Saturday evening.

The quick response on behalf of the senatorial heavyweights belies the urgency of Bernanke’s confirmation vote and uncertainty in the nation’s financial markets surrounding his reconfirmation.

Stock markets took a dip over the course of the week when Bernanke’s nomination fell into doubt. No less than 13 Democratic and Republican senators indicated over the course of the week that they would not support Bernanke’s second term. His first term expires Jan. 31.

Reid pushed back Bernanke’s confirmation vote scheduled for Friday, adding to a week of political headaches for the Obama administration that had hoped for a smooth confirmation vote before the full Senate.

The White House was expected to spend the days leading up to the State of the Union address outlining the president’s positive economic agenda.

Instead, Obama and his top advisers spent much of the second half of last week making calls to senators seeking to shore up Bernanke’s nomination.

By the weekend, administration officials were confident enough to again express confidence that the Fed chairman would remain in his position.

"President Obama checked in with the leadership over the weekend and he hears from Senator Reid that there is a lot of support for Ben Bernanke. We are confident that the chairman will be confirmed," White House senior adviser Valerie Jarrett said on NBC’s “Meet the Press.”

Jarrett echoed a sentiment expressed by her colleagues, White House spokesman Robert Gibbs, who hit the airwaves on "Fox News Sunday” and senior adviser David Axelrod, who appeared on CNN’s “State of the Union” and ABC’s “This Week.”

Just as administration officials predicted that Bernanke would survive this week’s hiccup, Dodd and Gregg exuded assurance about him Saturday.

"Based on our discussions with our colleagues, we are very confident that Chairman Bernanke will win confirmation by the Senate for a second term," the pair of retiring senators said.

The Senate Republican Leader Mitch McConnellMitch McConnellCruz: Tax reform chances ‘drop significantly’ if healthcare fails Parliamentarian deals setback to GOP repeal bill OPINION | How Democrats stole the nation's lower federal courts MORE (Ky.) on Sunday also said that Bernanke will likely earn a second term, though he refused to disclose how he will vote.

Opposition to Bernanke has channeled voter anger about the sputtering economy and the unpopular banking bailouts of 2008.

Bernanke – who was first appointed by President George W. Bush in 2007 – presided over the nation’s central bank as it extended loans to large, troubled financial institutions during the financial crisis.

Senators who oppose Bernanke claim that he has focused too much on policies that help Wall Street banks and has not done enough to help out the middle class.

“Democrats and President Obama are putting their credibility on the line if they think they can criticize Wall Street and big banks one day and then turn around and support Bernanke, Wall Street’s candidate, the next day,” Sen. Bernie SandersBernie SandersParliamentarian deals setback to GOP repeal bill OPINION | Hey Dems, Russia won't define 2018, so why not fix your party's problems instead? OPINION | They told us to abandon ObamaCare — then came the resistance MORE (I-Vt.) said in a statement Sunday. “That doesn’t pass the smell test.”

Sanders and Sens. Jim Bunning (R-Ky.), Jim DeMint (R-S.C.) and David VitterDavid VitterOvernight Energy: Trump set to propose sharp cuts to EPA, energy spending Former La. official tapped as lead offshore drilling regulator Former senator who crafted chemicals law to lobby for chemicals industry MORE (R-La.) have all placed holds on Bernanke’s nomination.

Last year, 16 senators on the Banking Committee backed Bernanke's nomination and seven voted no. Assuming those lawmakers do not change their positions, there are now 25 senators who back Bernanke and 13 who oppose him, according to a survey conducted on Friday by The Hill. Many offices declined to comment or indicated their boss was undecided.

Some senators on the Banking panel, such as Sherrod BrownSherrod BrownGOP Senate candidate attacks Anti-Defamation League for ‘witchhunt' on far right Senate Banking leaders introduce flood insurance bill Major progressive group endorses Martha McSally challenger MORE (D-Ohio), have indicated they could change their mind.

Lawmakers who oppose Bernanke other than those on the Banking panel include Sens. Jim InhofeJames InhofeMcCain absence adds to GOP agenda’s uncertainty GOP signals infrastructure bill must wait Lobbying World MORE (R-Okla.), Jeff SessionsJeff SessionsKislyak going back to Russia, embassy says Grassley calls on 'leaker' to release Sessions-Russia conversation After White House communication team shake up, Trump still tweeting MORE (R-Ala.), Russ Feingold (D-Wis.), Byron Dorgan (D-N.D.) and Barbara BoxerBarbara BoxerTime is now to address infrastructure needs Tom Steyer testing waters for Calif. gubernatorial bid Another day, another dollar for retirement advice rip-offs MORE (D-Calif.).

Sen. John McCainJohn McCainManchin bashes GOP candidate for pushing McCain to resign McCain’s primary challenger asks him to step aside after diagnosis Sen. McCain goes on hike after cancer diagnosis MORE (R-Ariz.) said on "Face the Nation" Sunday that he was "very skeptical" about Bernanke's nomination, but also was wary of the effect that turning down the Fed chairman for another term could have.

"The fact is that Chairman Bernanke was in charge when we hit the iceberg. And his policies were partially responsible for the meltdown that we experienced. I think that he should be held accountable," McCain said.

When asked if he was backing or opposing Bernanke, McCain said, "I'm both concerned and leaning against."

But in another example of the growing momentum behind Bernanke, Sen. Orrin HatchOrrin HatchHatch shares gif of dumpster fire: ‘Checking in on Dodd Frank’ Senate panel advances Trump's tax policy nominee Healthcare debacle raises pressure for GOP on taxes MORE (R-Utah), a frequent critic of the Obama administration, on Sunday announced he will join the senators voting for Bernanke.

"This man knows what he's doing. Yes, can he improve? You bet your life. But I'm going to vote for him," he said on CNN's "State of the Union."

Molly K. Hooper, Silla Brush, Matthew Coleman and Anthony C. Lange contributed to this report