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Impressed and a little jealous, Rep. John Campbell (R-Calif.) asked Rep. Patrick McHenry (R-N.C.), “How did you swing that?”
McHenry had just had lunch with Federal Reserve Board Chairman Ben Bernanke, a fact he was pointing out to some of his colleagues on the House floor.
“I just called him,” McHenry told Campbell.
Shortly thereafter, Campbell would be discussing monetary policy with Bernanke over breakfast in a Reserve Board conference room that boasts a stunning view of the Jefferson Memorial and the Washington Monument.
Bernanke has been dealing with turmoil in the financial markets, most notably the collapse of Bear Stearns in March and, more recently, troubles plaguing Fannie Mae and Freddie Mac. But he has found time to reach out to Capitol Hill lawmakers, who say the 54-year-old’s accessibility has been greater than that of Alan Greenspan, his predecessor.
For lobbyists and other Washington insiders, securing a meeting with a member of Congress is a big catch. And conversely, many lawmakers covet face-time with one of the most powerful financial figures in the world.
During the 110th Congress, getting an audience with Bernanke hasn’t been hard for members. In fact, some say Bernanke’s office has initiated some of the meetings.
From July of 2007 through April of this year, Bernanke had more than two dozen private discussions with lawmakers on both sides of the aisle, including meetings with groups on the Hill such as the Blue Dog Coalition and the Congressional Black Caucus.
The Hill obtained Bernanke’s schedule through Freedom of Information Act requests.
Bernanke is in regular contact with Sen. Chris Dodd (D-Conn.), who heads the Banking Committee, and House Financial Services Committee Chairman Barney Frank (D-Mass.), who talks with Bernanke about twice a month.
Even though he was nominated for the post by President Bush, Democrats give Bernanke high marks. In many ways, Bernanke’s arrival — which coincided with the Democrats taking control of Congress in early 2007 — was well-timed.
Greenspan is widely respected, having served in both Republican and Democratic administrations, but his fiscal views irritated congressional Democrats in recent years. That frustration boiled over in 2005 when Sen. Harry Reid (D-Nev.) called Greenspan “a political hack.”
Frank said Greenspan’s politics are to the right of Bernanke’s, asserting that Bernanke has placed more emphasis on consumer protections during his short tenure.
Rep. Michael Capuano (D-Mass.), a Financial Services Committee member, said that Bernanke’s stance on taxes is more in line with congressional Democrats than Greenspan’s was.
“We won’t always agree, but Bernanke respects what our role is,” Capuano said.
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