Massachusetts - U.S. Senate Banking Committee Chairman Chris Dodd promised on Monday a thorough and comprehensive hearing on the renomination of Federal Reserve Bank Chairman Ben Bernanke.
I still have serious concerns about the Federal Reserve's failure to protect consumers and I strongly believe these responsibilities should go to an independent consumer financial protection agency, Dodd said in a statement.
I expect many serious questions will be raised about the role of the Federal Reserve moving forward, and what authorities it should and should not have.
Dodd said reappointing Bernanke was probably the right choice, although he believed the Fed chairman had been too slow to act during the early stages of the financial crisis.
But he ultimately demonstrated effective leadership and his reappointment sends the right signal to markets, he said.
(Reporting by Ross Colvin, editing by Patricia Zengerle)