"Chairman Bernanke helped the president and the economic team steer through some very turbulent times and rough waters," White House spokesman Robert Gibbs said.

"I believe that it sends a signal to greater and overall stability to have his nomination approved without political games. And that's what we expect will happen later this week."

Bernanke's nomination, which is yet to be put to a Senate vote, appeared in deep trouble on Friday, after several Democratic senators withdrew support for his nomination amid public fury over his role in the financial crisis.

But the White House launched an emergency bid to shore up the nomination and Senate Majority leader Harry Reid and other influential senators threw their support behind Bernanke.

Former Republican presidential candidate Senator John McCain however came out against Bernanke on Monday, voicing the argument of opponents to the nomination that the Federal Reserve chief did not do more to prevent the economic meltdown.

"Our country is still facing an economic crisis and while I appreciate the service that Chairman Bernanke has performed as Federal Reserve Chairman, I believe that he must be held accountable for many of the decisions that contributed to our financial meltdown," McCain said in a statement.

"Therefore, I plan to oppose Chairman Ben Bernanke?s confirmation for a new term as Federal Reserve Chairman."

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