The Senate Banking Committee has approved the nomination of Federal Reserve chair Ben Bernanke for a second term. Bernanke’s reappointment has come under opposition over his role in crafting policies that led to the nation’s financial meltdown and the subsequent bailout of Wall Street firms. Senator Jeff Merkley was one of seven Banking Committee members to vote against Bernanke’s nomination.

Sen. Jeff Merkley: “Dr. Bernanke’s approach helped set our economic house on fire. That fire has destroyed the jobs, the healthcare, the retirement savings of millions of Americans, working families. I think we need to look for leadership that will be adept at rebuilding our economic house.”

Bernanke’s confirmation will now go before a full Senate vote.