Federal Reserve Chairman Ben Bernanke will be nominated to a second term by President Barack Obama on Tuesday, according to reports.

President Obama will make the announcement from Martha’s Vineyard, where he is currently on vacation with his family where Bernanke is expected to visit, White House Chief of Staff Rahm Emmanuel told the Wall Street Journal.

He said the president credited Bernanke with “pulling the economy back from the brink of depression,” according to the report. Bloomberg and the New York Times also reported the nomination, citing anonymous White House officials.

The U.S. Senate must reconfirm Bernanke.

The Wall Street Journal said President Obama met with the chairman last week at the White House to offer him the position.