Sen. Bernard Sanders said Wednesday that he will put a hold on the nomination of Federal Reserve Chairman Ben S. Bernanke for a second term, a step that could push the confirmation into next year but is unlikely to torpedo it.

Although Sanders (I-Vt.) is one of only a few senators who have openly objected to Bernanke's re-nomination, the hold reflects the deepening fault lines on Capitol Hill over the Fed's performance.

"Clearly, this guy is part of the problem," Sanders said in an interview, adding that Bernanke shares blame for the federal bailout of Wall Street and the deep recession. "I hope the president will give us a new nominee."

Sanders's action means that Senate Majority Leader Harry M. Reid (D-Nev.) will have to win the assent of 60...