Reid announces support for Bernanke

Senate Majority Leader Harry ReidHarry Mason ReidHarry Reid warns Trump 'can be reelected' Homeland Security Republican accuses Navy of withholding UFO info Poll: 47 percent back limits on Senate filibuster MORE (D-Nev.) said late on Friday that he supports Ben Bernanke for a second term as Federal Reserve chairman.

The statement came after stock markets closed and amid a day of uncertainty about whether Bernanke had the necessary votes for confirmation. Reid himself had issued a vague statement on Thursday about whether he would support Bernanke.

"While I will vote for his confirmation, my support is not unconditional," Reid said in a statement. "I know Chairman Bernanke is committed to transparency and accountability, and that is why I will hold him to the highest standards of both."

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Most analysts believe Bernanke will win confirmation, but there are at least 13 definite votes in opposition. The stock markets took a plunge on Friday amid the uncertainty of Bernanke's confirmation. His term is up on Jan. 31.

"I made it clear that to merit confirmation, Chairman Bernanke must redouble his efforts to ensure families can access the credit they need to buy or keep their home, send their children to college or start a small business," Reid said. "He has assured me he will soon outline plans for making that happen, and I eagerly await them."

Sixteen lawmakers in the Banking Committee backed Bernanke's nomination and seven who 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.

Legislators who oppose Bernanke that do not sit on the Banking Committee include Sens. Jim InhofeJames (Jim) Mountain InhofeIs the Senate ready to protect American interests in space? Republicans grumble over Trump shifting military funds to wall Gun debate to shape 2020 races MORE (R-Okla.), Jeff SessionsJefferson (Jeff) Beauregard SessionsHouse Democrats seeking Sessions's testimony in impeachment probe McCabe's counsel presses US attorney on whether grand jury decided not to indict US attorney recommends moving forward with charges against McCabe after DOJ rejects his appeal MORE (R-Ala.), Russ Feingold (D-Wis.), Bernard Sanders (I-Vt.), Byron Dorgan (D-N.D.) and Barbara BoxerBarbara Levy BoxerHillicon Valley: Ocasio-Cortez clashes with former Dem senator over gig worker bill | Software engineer indicted over Capital One breach | Lawmakers push Amazon to remove unsafe products Ocasio-Cortez blasts former Dem senator for helping Lyft fight gig worker bill Only four Dem senators have endorsed 2020 candidates MORE (D-Calif.).


Lawmakers not on the Banking panel who back Bernanke include Sens. Reid, Lamar AlexanderAndrew (Lamar) Lamar Alexander The 13 Republicans needed to pass gun-control legislation Liberal group urges Senate panel to vote against Scalia as Labor secretary Suburban anxiety drives GOP on guns MORE (R-Tenn.), Richard BurrRichard Mauze BurrLawmakers applaud Trump's ban on flavored e-cigarettes Trump to hold campaign rally in North Carolina day before special House election Hoekstra emerges as favorite for top intelligence post MORE (R-N.C.), Richard Lugar (R-Ind.), Susan CollinsSusan Margaret CollinsThe Hill's Morning Report - Trump takes 2020 roadshow to New Mexico The 13 Republicans needed to pass gun-control legislation Congress passes bill to begin scenic byways renaissance MORE (R-Maine), Mary LandrieuMary Loretta LandrieuCongress needs to work to combat the poverty, abuse and neglect issues that children face Dems wrestle over how to vote on ‘Green New Deal’ Lobbying world MORE (D-La.), Jeff Bingaman (D-N.M.), Tom CarperThomas (Tom) Richard CarperLawmakers grill manufacturers over 'forever chemicals' contamination EPA ordered to set stronger smog standards America is in desperate need of infrastructure investment: Senate highway bill a step in the right direction MORE (D-Del.) and Max BaucusMax Sieben BaucusOvernight Defense: McCain honored in Capitol ceremony | Mattis extends border deployment | Trump to embark on four-country trip after midterms Congress gives McCain the highest honor Judge boots Green Party from Montana ballot in boost to Tester MORE (D-Mont.).

A few lawmakers, including Sen. Sherrod BrownSherrod Campbell BrownHillicon Valley: Google to promote original reporting | Senators demand answers from Amazon on worker treatment | Lawmakers weigh response to ransomware attacks Senate Democrats want answers on 'dangerous' Amazon delivery system Hillicon Valley: Uber vows to defy California labor bill | Facebook, Google, Twitter to testify on mass shootings | Facebook's Libra to pursue Swiss payments license MORE (D-Ohio), may vote differently on Bernanke's nomination when it hits the floor. Brown voted for Bernanke in committee.

Wall Street is very anxious about Bernanke's nomination. In a memo issued Friday afternoon titled, "Is it time to hit the panic button?", Mike Feroli of J.P. Morgan Research wrote, "A 'no' vote on Bernanke would rightly be read as a politicization of monetary policy, which has been without fail associated with poor economic outcomes: uncertaintly would ramp up, inflation risk premium would increase, the cost of capital would rise accordingly, and the real economy and labor markets would suffer. In short, it would be an economic policy mistake of colossal proportions."

Matthew Coleman and Anthony C. Lange contributed this article, which was updated at 6:25 p.m.