US President Barack Obama has nominated Ben Bernanke for a second term as chairman of the Federal Reserve.
Mr Obama has credited Mr Bernanke with preventing another Great Depression and put him in charge of ensuring a smooth economic recovery.
'As an expert on the causes of the Great Depression, I'm sure Ben never imagined that he would be part of a team responsible for preventing another,' Mr Obama said.
'But because of his background, his temperament, his courage, and his creativity, that's exactly what he has helped to achieve.
'And that is why I am re-appointing him to another term as Chairman of the Federal Reserve.'
Mr Bernanke's appointment to a new four-year term as head of the US central bank must be confirmed by the Senate.
During the latter stages of his first term he has flooded crippled financial markets with hundreds of billions of dollars in Fed liquidity and stepped in to attempt rescues of failing financial institutions, such as Bear Stearns and AIG.
Mr Obama's Democrats control the Senate, but Mr Bernanke has faced criticism from lawmakers of both parties.
They say he has gone too far in extending Fed support that will be difficult to unwind, threatening future inflation.
Investors have generally given Mr Bernanke high marks on the job and had widely expected him to be kept on by President Obama, although the announcement was not expected until later this year.
Analysts said the early move by Mr Obama - well before Mr Bernanke's four-year term ends on 31 January 2010 - would be welcomed by financial markets and end any lingering worries about who might lead the Fed as it nurses the economy back to health.
