According to the information forwarded by a senior Obama administration official to The Associated Press (AP) Monday night, President Obama will nominated Federal Reserve Chairman Ben Bernanke for a second term on Tuesday. The nomination would require the reconfirmation by the Senate.

The 55-year-old Bernanke, whose four-year term as the US central bank chief comes to an end on January 31, 2010, took over the reins as the Fed Reserve Chairman from Alan Greenspan on February 1, 2006, after his appointment by the Republican President George W. Bush.

The high-profile Fed chief, recognized for the aggressive action he took to ward off an economic upheaval after the financial crisis, has made atypical appearances for the media - he appeared on a popular US newsmagazine program, CBS's "60 Minutes", and at a town-hall meeting in Kansas City, Missouri.

As per the AP source, in his prepared remarks in praise of Bernanke, Obama said: "Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action and outside-the-box thinking that has helped put the brakes on our economic free-fall."

With most of the Bernanke supporters noting that he can steer a sustainable recovery without fuelling inflation, Alan Blinder, a Princeton professor and an ex-Fed vice chairman, said recently that Bernanke has 'risen to the occasion' in an admirable manner, and that "his performance merits reappointment."