Ben Bernanke was nominated to a second term as chairman of the U.S. Federal Reserve on Tuesday.

U.S. President Barack Obama nominated Bernanke to serve a second four-year term as chairman starting Jan. 31, 2010, when his current term is set to expire. Bernanke was initially appointed chairman by former President George W. Bush, and was sworn in on Febr.1, 2006.

The re-nomination by Obama requires approval by the U.S. Senate approval.

“I would like to express my gratitude to President Obama for the confidence he has shown in me with this nomination and for his unwavering support for a strong and independent Federal Reserve,” Bernanke said in a statement on Tuesday.

He admitted that in the past few years, the Fed has faced unprecedented challenges.

“We have been bold or deliberate as circumstances demanded, but our objective remains constant: to restore a more stable economic and financial environment in which opportunity can again flourish, and in which Americans’ hard work and creativity can receive their proper rewards.”

If the nomination is approved, Bernanke said he would work hard to build a foundation for growth.

“I will work to the utmost of my abilities — with my colleagues at the Federal Reserve and alongside the Congress and the Administration — to help provide a solid foundation for growth and prosperity in an environment of price stability,” Bernanke said.

IE