SIMI VALLEY, California (Reuters) - Republican presidential hopeful Mitt Romney said on Wednesday that if he were elected president, he would not keep Ben Bernanke as chairman of the Federal Reserve.

"I'd be looking for somebody new," Romney said in response to a question at the Republican debate held at the Ronald Reagan presidential library. "I think Ben Bernanke has overinflated the amount of currency he has created."

He also said the Fed's quantitative easing program had not worked. The Federal Reserve has used two rounds of "quantitative easing " -- increasing the money supply by buying up securities to help boost the economy.

Texas Governor Rick Perry, who was not asked about Bernanke at the debate, made waves several weeks ago when he said, "We would treat him pretty ugly down in Texas" if Bernanke authorized more monetary stimulus.

Those comments rankled some on Wall Street, and even some Republicans called them inflammatory.

Bernanke was appointed to head the Fed in 2006 by Republican President George W. Bush, and was confirmed for a second term after being renominated by Democratic President Barack Obama.

His second term ends in 2014.

(Reporting by Kim Dixon; Editing by Peter Cooney)