Barack Obama confers with Federal Reserve chairman Ben Bernanke following their meeting at the White House, April 10, 2009.

Ben Bernanke's prospects of winning a second term as Federal Reserve chairman have improved following comments on Sunday by the US Senate Republican leader.

The former Princeton economics professor, succeeded Alan Greenspan as head of the US central bank in January 2006 and although his aggressive moves to respond to the financial crisis, in particular in the aftermath of the collapse of the investment bank, Lehman Brothers, in September 2008, have been applauded by economists and Wall Street, his association with Greenspan and the recent financial bailout, has won critics on Capitol Hill.

On Friday two Democratic senators - - Barbara Boxer, of California and Russ Feingold from Wisconsin - - said that they would vote against Bernanke’s nomination when a vote in the Senate, is likely held this week. Boxer said that she wanted a new Fed chairman as a “clean break from the failed policies of the past.”

Senate Republican leader Mitch McConnell said on Sunday he expects Bernanke will win a second term, indicating enough Republicans will join Democrats in supporting the nomination.

“He’s going to have bipartisan support in the Senate, and I would anticipate he will be confirmed,”McConnell, a Kentucky Republican, said on NBC’s “Meet the Press.” McConnell refused to say how he would vote.

Richard Shelby, the senior Republican on the Senate banking committee, said Bernanke should not be reconfirmed. "I intend to vote against him," said Shelby."I don't know what the vote count will be. But there will be a lot of tough votes against him and that is the strong message against the Fed chairman."

Shelby supports the removal of bank supervision powers from the Fed in a new regulatory regime.

"The fact is that Chairman Bernanke was in charge when we hit the iceberg," John McCain, the Republican senator who lost to Barack Obama in the presidential election, told CBS. "His policies were partially responsible for the meltdown that we experienced, and I think he should be held accountable."

Obama aide David Axelrod told CNN, that Senate leaders had assured the President that they had sufficient votes. Bernanke's term ends on January 31st.

Axelrod said yesterday: “The President is very confident. The readings he’s getting from his conversations is that Chairman Bernanke will be confirmed.”

As four senators have put a so-called “hold” on Bernanke’s reappointment, he needs 60 “yes” votes from the 100 member chamber simply to bring about a vote on the nomination. Once leadrs have won the right to hold a vote, they then need a straight majority to approve Bernanke’s second term.

Senate Republican leader Mitch McConnell speaks on Bernanke nomination: