President Obama has announced the renomination of Federal Reserve Chair Ben Bernanke. Bernanke was first appointed by former President George W. Bush to succeed then-Federal Reserve Chair Alan Greenspan and has been criticized for failing to foresee the financial meltdown. On Tuesday, Obama said the White House’s economic policies are strengthening the nation’s financial recovery.

President Obama: “The actions we’ve taken to stabilize our financial system, to repair our credit markets, restructure our auto industry, and pass a recovery package have all been steps of necessity, not choice. They have faced plenty of critics, some of whom argued that we should stay the course or do nothing at all. But taken together, this bold, persistent experimentation has brought our economy back from the brink. They’re steps that are working.”