Sen. Shelby: Bernanke defended bond-buying plan

WASHINGTON Nov 17 (Reuters) - Federal Reserve Chairman Ben Bernanke told members of the Senate Banking Committee on Wednesday the central bank's bond buying plan could create 700,000 jobs over two years, a member of the panel said.

"He basically defended his position, saying he thinks this will help some, maybe create ... 700,000 jobs over two years," Republican Sen. Richard Shelby of Alabama told reporters after the briefing. (Reporting by Kevin Drawbaugh, Editing by Chizu Nomiyama)