MADELEINE BRAND, host:
As in comedy, timing is everything when it comes to politics. The timing this week of a Senate vote on a second term for Federal Reserve Chairman Ben Bernanke is creating a headache for President Obama. Bernankes term expires on Sunday. Mr. Obama wants him to stay on, but some Senate Democrats are bulking.
As NPRs David Welna reports, Bernankes fate could now be up to Republicans.
DAVID WELNA: For many Democrats, its not easy to embrace the man former President Bush appointed to head the Federal Reserve. But late last week, as more and more of them declared they would not vote for another term for Ben Bernanke, Senate Democratic leaders were pressed by an increasingly worried White House to back him.
No. 2 Democrat Dick Durbin went from being undecided on Bernanke to endorsing him. After meeting with the embattled nominee today at the capital, Durbin explained his change of heart.
Senator DICK DURBIN (Democrat, Illinois): I thought, Durbin, is this a protest vote? Is that what it's all about? And if that's so, is it sensible? Is it the right for us? And I don't think it's the right thing to do from my point of view. I respect my colleagues who see it differently. But I think it's more important for us to make sure that we have his leadership in place. I think the president has made a good judgment.
WELNA: That Senate Democrats remain divided over Bernanke does not surprise Claremont McKenna political scientist Jack Pitney. He says President Obama put them in a tough position, asking them to reconfirm a man seen as a strong ally of Wall Street even as the president is distancing himself from Wall Street.
Professor JACK PITNEY (American Politics, Claremont McKenna College): The president is simultaneously trying to appease Wall Street and demonize Wall Street. Politically thats a very difficult trick to pull off. And a lot of Democrats on Capitol Hill are caught in the crossfire.
WELNA: At least four Senate Democrats say theyll oppose Bernanke. One of them, Oregons Jeff Merkley, denounced the Fed chairman on the Senate floor.
Senator JEFFREY MERKLEY (Democrat, Oregon): He has been at the table of economic policymaking in this country for eight years when mistake after mistake after mistake has been made. That is how the house was set on fire. And now that its burned to the ground, we dont need a fireman to rebuild the house, we need a carpenter.
WELNA: And North Dakota Democrat Byron Dorgan said Bernanke rebuffed him and eight other senators when they wrote the Fed chairman last summer. They demanded to know which investment banks borrowed money, how much and on what terms after the Fed opened a brand new loan window for those banks.
Senator BYRON DORGAN (Democrat, North Dakota): And he wrote back to us and says, I dont intend to tell you that, dont intend to tell the Congress and dont intend to tell the American people, despite the fact that he said transparency is a big issue for him. Well, apparently not on this issue.
WELNA: Several senators have holds on Bernankes renomination, meaning at least 60 votes are needed to bring it up but not all 60 in the democratic caucus can be counted on. So some Republican votes will be required. But Claremont McKennas Pitney says Republicans cant be counted on either.
Prof. PITNEY: In a sense, its a free vote for Republicans. Bernanke was a Bush appointee, but Republicans dont have a whole lot of residual loyalty to President Bush.
WELNA: Today, Arizona Republican John McCain issued a statement saying he for one will vote against reconfirming Bernanke. Here's McCain yesterday on Face the Nation.
Senator JOHN MCCAIN (Republican, Arizona): Im very skeptical about his nomination. Im worried that if his nomination is turned down, the effect that it might have. But the fact is that Chairman Bernanke was in charge when we hit the iceberg and his policies were partially responsible for the meltdown that we experienced. I think that he should be held accountable.
WELNA: Other Republicans have also vowed to oppose Bernanke. Still, No. 2 Democrat Durbin says a vote should occur this week.
Sen. Durbin: I haven't predicted with certainty on anything, what's going to happen. But I do believe that we're moving forward. And with Republican support, this nomination will be approved.
WELNA: Is so, President Obama would be spared yet another setback.
David Welna, NPR News, the Capitol.