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Warren Buffett: Ben Bernanke Should Stay On As Fed Chair

09/19/2013 07:12 pm ET | Updated Sep 20, 2013

If it ain't broke, don't fix it.

That appears to be Warren Buffett's philosophy when it comes to who should be the next head of the Federal Reserve -- he'd rather have current Chairman Ben Bernanke remain in the position.

The billionaire investor and philanthropist appeared on CNBC's "Closing Bell" Thursday to weigh in on the debate over who'll be President Barack Obama's pick to succeed Bernanke when his term expires next year. Current Federal Reserve Vice Chair Janet Yellen is the current White House front-runner, after economist Larry Summers dropped out last Sunday.

But Buffett, as it turns out, is all for Bernanke.

"When you have a .400 hitter in the lineup you don't take him out," Buffett said. "He may want to leave, but I think he's done -- since the panic of five years ago -- I think he's done a terrific job. And I think he ought to get a little bit more of a chance to play out the hand."

Buffett's comments echo similar ones he made last October when he said he'd "get my kids out and everybody else to vote for [Bernanke]" for another term.

Buffett also endorsed Bernanke back in 2009, in the heat of the crisis, calling him "the ideal person to be running the Fed."

The Fed Chairman himself, however, likely won't be talked into the idea of holding onto the position. Obama revealed in June that Bernanke had "already stayed a lot longer than he wanted."

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