Republican Sen. John Thune plans to vote against the reconfirmation of controversial Federal Reserve Board chairman Ben Bernanke this afternoon.

Thune said he's been weighing the arguments for or against Bernanke's confirmation for a second term as chair of the Federal Reserve and has decided to oppose him out of concerns including Bernanke's role in the bailout of American International Group.

"I believe it's time for new leadership on the Federal Reserve," Thune said.

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The Bernanke vote is shaping up to be an interesting one that's not following party lines — he's opposed by both liberal Demcorats and conservative Republicans but has broad support from senators of both parties in the center of the ideological spectrum. (Obviously some centrists oppose him and some liberals and conservatives support him, that's just the general trend.)

Bernanke's term as chairman of the Federal Reserve expires Sunday, so he has to be reconfirmed this week.

His position as chairman is independent of his separate position ON the board, so Bernanke would continue as a member of the Federal Reserve even if he were no longer his chairman.

Some supporters of Bernanke have argued that not confirming him would be a below to a fragile economy, where investors have grown comfortable with Bernanke's leadership. Thune said he's not overly concerned about economic effects of not confirming Bernanke.

"I am obviously sensitive to the possible market reaction of this vote, but I also believe that any reaction will be short term," Thune said.

The vote is scheduled for this afternoon.