Bernanke likely to survive close vote

You can breathe easy, Ben.

One of the chief architects of rescue efforts during the financial crisis, Federal Reserve Chairman Ben S. Bernanke is looking at one of the closest confirmation votes in history.

As the Jan. 31 deadline for his confirmation looms, a growing number of senators from both parties have been wavering on reconfirming him — or declaring their opposition outright.

But Bernanke got a boost from Sen. Chuck Schumer (D-NY) and Senate Majority Leader Harry Reid (D-Nev.) yesterday, who voiced 11th-hour support for granting him a second term.

Post sources in Washington say that Bernanke is very likely to win enough votes to get a second term.

Some believe the Fed didn’t act quickly enough during the crisis and gave far too much aid to Wall Street. As Democrats and Republicans jockey for political position and Washington takes an even tougher stand on financial reform, Bernanke’s confirmation, once considered a given, has become prime battle ground.

Two Democrats, Russ Feingold, of Wisconsin, and Barbara Boxer, of California, have declared that they will vote against him.

Reid told reporters that the Federal Reserve will have to do more to keep ordinary folk in their homes and urge banks to lend to small businesses, but otherwise said that he would support Bernanke’s confirmation.