Senator Jeff Merkley has already publicly stated he will not vote to reappoint Fed Chairman Ben Bernanke. He argues that the people that created the mess should not be commissioned to clean it up. I don't think Ben Bernanke played a major role in the financial meltdown, but if we hesitate to oust conservative thinkers because a transition made during rough economic times would be imprudent, then we will forever employ conservative thinkers because they are constantly sending us into rough economic times.
The critical deregulation occurred a decade ago via the 1999 Gramm-Leach-Bliley Act and Commodity Futures Modernization Act of 2000. Anyone that supported this legislation in reality should be ousted. We now need Fed leadership that will advocate for sensible regulation. Tighter restrictions have to be imposed on banks because of the central role they play in creating money. As soon as you take banks out of the equation, the whole economy will falter. No other sector holds such power over the entire economy.
True, Ben Bernanke came from humble roots and he perhaps cares about the middle class. We don't need understanding, though. What we need is appropriate regulation -- the kind that was implemented after the Great Depression, i.e. Glass Steagall, meant to prevent such recent abuses. Getting new leadership might destabilize stock markets in the short term, but we need to stabilize our long-term total economic position, and that will not happen if we lack the strength to finally transition over to progressive leadership of the Fed.
Ron Wyden should take up the charge and loudly advocate for progressive Fed leadership. Contact him to advocate against him voting to reappoint Bernanke. Thank you Jeff Merkley for already speaking out against Bernanke!