Senator Chris Dodd on Wednesday said that while Federal Reserve Chief Ben Bernanke was ‘not perfect’ he still strongly supported his nomination to lead the U.S. central bank for four more years.

“Some of the criticism of the Fed under Chairman Bernanke that have been voiced during this confirmation process have merit,” Dodd, the Chairman of the Senate Banking Committee, said in a prepared statement today.

The committee approved Bernanke’s nomination to proceed to a full Senate debate, possibly in January.

Dodd said the Fed had failed in its oversight and consumer protection responsibilities leading up to the recent economic crisis.

He commended Bernanke for “stepping up” during the recent economic crisis and showing “wise leadership that helped prevent a more dire situation than is the case.