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Bernanke wins second term as Fed chairman

Ben Bernanke has won a second term as chairman of the US Federal Reserve, but by the narrowest margin seen in decades.

The Senate voted 70-30 in favour of the 56-year-old on Thursday, offering US president Barack Obama a welcome break in his planned restructuring of the country's economy.

Mr Bernanke was originally appointed to his first term by George Bush and became to be closely associated with the deeply unpopular $700 billion (£434 billion) banks bailout.

Last August, Mr Obama announced he had decided to back the Fed chairman for a second four-year term.

The reappointment looked slightly in doubt though after the Democrats devastating defeat in Massachusetts, forcing Mr Obama to pressurise Senate leaders to ensure Mr Bernanke's reappointment was secured.

Despite being named Time magazine's Person of the Year in 2009, Mr Bernanke has been accused of failing to prevent the devastating financial crash.

The 70-30 vote is the narrowest victory margin in decades, highlighting the continuing animosity towards Wall Street and the US government's handling of the economic crisis.