2nd term seen passing first hurdle

WASHINGTON: Federal Reserve Chairman Ben Bernanke is likely to pass the first hurdle in winning Senate confirmation to serve another term yesterday but will face unusually strong opposition as his nomination moves ahead.

The Senate Banking Committee is expected to recommend his confirmation to the full Senate, which is not expected to vote on his nomination until 2010. Bernanke's four-year term expires on Jan 31.

Bernanke is expected to gain Senate approval, but analysts believe opposition may exceed the 16 no votes former Fed Chairman Paul Volcker drew in 1983, when he raised rates to double digits and triggered back-to-back recessions to crush inflation.