Ben S. Bernanke is expected to get the position of the Chairman of Federal Reserve. He will serve his second term if he gets selected this time by President Obama. This job is regarded as the nation's most powerful economic policy making job.

The profile of Bernanke is very strong because of his strong banking background. His prompt action helped to handle the economic meltdown which affected the US in a very bad way. But at the same time, he faced stark criticism from lawmakers for not preventing the financial meltdown that dragged US and other countries of the world into a deep economic crisis.

According to a White House Official, Obama is very impressed by Bernanke's handling of the economic crisis. The President wants to keep the economy at an stable hand as it is at the verge of recovery.

"The president wanted the team that has been working to rescue this economy together," the official said, speaking on the condition of anonymity because the decision has not been formally announced.

Bernanke came in during the Bush regime and he is a Republican, so industry insider thought that Obama will now change the hands and he will select his chief economic advisor, Lawrence H Summers.

But within the nine months of the global economic downturn, Bernanke has undertaken some of the remarkable steps which controlled the damage. Few steps which he has taken are to cut the short term interest rates initially to zero. He also mobilized $2trillion fund to support mortgage lending and support lending to consumers and businessman, also undertaken stress tests of large banks that helped instill confidence.

This initiative to reappoint Bernanke will generate a positive vibe in the market in this fragile economy this step of the US president is definitely welcoming.