Obama to renominate Bernanke today

WASHINGTON—President Barack Obama is taking a break from his Martha’s Vineyard vacation today to offer Federal Reserve Chairman Ben Bernanke another four-year-stint at running the central bank.

A senior administration official says Obama plans to make the announcement this morning. In prepared remarks, Obama credits Bernanke with aggressively pulling the economy from the brink. He says Bernanke “approached a financial system on the verge of collapse with calm and wisdom.“

Bernanke’s renomination to a second four-year term requires Senate confirmation.

—The Associated Press