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'Special Report' Panel on Reappointment of Fed Chairman Bernanke

This is a rush transcript of "Special Report With Bret Baier" from January 22, 2010. This copy may not be in its final form and may be updated.

PRESIDENT BARACK OBAMA: Today, because we took those actions, the worst of this economic storm has passed. But families like yours and communities like this one are still reeling from the devastation left in its wake.

SEN. JEFF SESSIONS, R-ALA.: I am not going to vote for him. He was a part of the Federal Reserve board and then chairman of it when this economic crisis hit us and devastated us financially and economically. He did not warn us against that.

SEN. CHARLES SCHUMER, D-N.Y.: I'm supportive of Bernanke but will continue to be a very strong critic of the Fed in areas where I disagree with them.


BRET BAIER, ANCHOR: Two stories here — the president in Ohio talking about jobs and the economy trying to turn the page from the tough week — for a tough week — for his White House. He used the word "fight" apparently 14 times in that speech today in Ohio.

The other story about Ben Bernanke, the Fed chair who is up for a vote in the Senate for his second term — just a few moments ago the Senate Majority Leader Harry Reid put out a statement. The Senate majority leader saying "While I will vote for his confirmation, my support is not unconditional."

It's close though. They are counting heads in the Senate. Let's bring in our panel — Steve Hayes, senior writer for the Weekly Standard, Nina Easton, columnist for Time and Fortune magazines, and syndicated columnist Charles Krauthammer.

Let's start with the Bernanke vote that wasn't originally going to be close but now is. Nina?

NINA EASTON, FORTUNE MAGAZINE: It's amazing. This atmosphere for this Fed chairman has not been as toxic since 1982 when the Fed chairman then Paul Volcker received two-by-fours by construction workers who were out of work.


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