Bernanke To Retire At The End Of His Term

Steve Dibert, MFI-Miami

Yes, after nearly six tumultuous years after becoming Chairman of the Federal Reserve, Ben Bernanke is telling close friends that he will be stepping down when his term is up at the end of January 2014.

According to Reuters,

“Bernanke, who was first appointed to run the U.S. central bank by former president George W. Bush and was given a second term by Obama, has declined to comment publicly on whether he would accept another four-year term.

“I am very focused on my work, I don’t have any decision or any information to give you on my personal plans,” he told a news conference last month after the Fed announced a new and open-ended round of bond buying to support the U.S. economy.”

It has been no big secret in Washington that the Obama White House has been growing impatient with the slow pace in which the Fed is moving to help spur the economy.  Even Republican presidential nominee Mitt Romney has stated he would not re-nominate Bernanke if elected when Bernanke’s term ends.

U.S. Treasury Secretary Timothy Geithner has also said he will not be returning if President Obama wins a second term.