Ben Bernanke only has two weeks left in his term as the Chair of the Federal Reserve. It’s unclear what would happen if he were not confirmed for a second term by January 31 – some say that Donald Kohn, the current Vice-Chair, would elevate to chair on a temporary basis, others say that Bernanke could be elected pro tempore chair. Nevertheless, Senate leaders would rather eliminate the uncertainty and pass his nomination in the next two weeks. But with so many Senators reluctant to allow a fast-track vote, nobody knows what will happen:

Senate Democrats will try to reach an agreement in the next two weeks to hold a vote on Ben Bernanke’s confirmation to a second term as Federal Reserve chairman.

Bernanke, whose term is up Jan. 31, will face a contentious confirmation vote for Fed chairman. Several senators, including Bernie Sanders (I-Vt.), Jim Bunning (R-Ky.) and Jim DeMint (R-S.C.), have placed holds on the vote.

Senate Majority Leader Harry Reid (D-Nev.) is working on an agreement to bring the vote up on the floor amid the already packed calendar, but a vote has yet to be scheduled, an aide said.

An aide to Sanders said he did not know of any meetings so far between Reid and the senator to reach an agreement on when to allow normal debate to proceed. If Reid is unable to reach an agreement with Sanders and the Republicans senators who have placed holds, he would need to file for cloture.

Activists working to block the Bernanke nomination believe that there will be a vote next week. They have worked up a target list of Democrats to press, to try and keep Bernanke from a 60-vote threshold where he would survive a cloture vote. These Democrats include:

Harkin, Webb, Feingold, Dorgan, Boxer, Lincoln, Landrieu, Begich, Burris, Cantwell, Whitehouse, Brown, Casey, Stabenow, Levin

Byron Dorgan has already said he would block a Bernanke vote unless the Fed chair explained “what did he do with our money.” Sens. Jeff Merkley (D-OR) and Bernie Sanders (I-VT) are also on the record against a second term for Bernanke. Probably all of the above Democrats would have to agree and vote against cloture for the Bernanke nomination to be sunk; he is expected to succeed. However, nothing gets done easily in the US Senate, as we have seen.

Bernanke has been criticized for missing the housing bubble, failing to use the Fed’s regulatory apparatus to oversee the large banks, offering trillions in closed-door support to those banks after the meltdown, and putting a far greater emphasis on price stability than full employment, both of which are part of the Fed’s core missions. In sum, he is seen as far more solicitous of Wall Street than Main Street.