Obama renominates Bernanke

OAK BLUFFS (AP) - His moves aimed at dealing with the economic crisis have been unconventional ones — and there's been a lot of speculation about whether Ben Bernanke would be named for another term as chairman of the Federal Reserve Board.

President Barack Obama put an end to that speculation this morning, taking a break from his Massachusetts vacation to say he wants Bernanke to stay in that job.

Obama says Bernanke shepherded America through the worst economic crisis since the Great Depression "with bold action and out-of-the-box thinking" as well as "calm and wisdom."

Bernanke, a Republican, says if he's confirmed for another term, he'll work to provide "a strong foundation for growth and stability" in the economy.

Senate Banking Committee Chairman Chris Dodd immediately warned of a thorough hearing before Bernanke would be confirmed for a second term.