Fed's Bernanke says backs U.S. financial reforms

WASHINGTON Wed Feb 16, 2011 6:08pm EST

Chairman of the Federal Reserve Ben Bernanke testifies on the state of the U.S. economy before the House Budget Committee on Capitol Hill in Washington February 9, 2011. REUTERS/Kevin Lamarque

Chairman of the Federal Reserve Ben Bernanke testifies on the state of the U.S. economy before the House Budget Committee on Capitol Hill in Washington February 9, 2011.

Credit: Reuters/Kevin Lamarque

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WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said the Fed supports the sweeping Dodd-Frank financial regulatory overhaul and is moving swiftly to put its provisions into action.

"Dodd-Frank is a major step forward for financial regulation in the United States," Bernanke said in congressional testimony obtained by Reuters on Wednesday.

Bernanke is due to speak about regulation before the Senate Banking committee on Thursday. His prepared text made no mention of the outlook for the economy or monetary policy.

(Reporting by Mark Felsenthal)

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Comments (3)
gunste wrote:
One can see that the Republicans are so wedded to the financial industry, they are likely to stop at nothing to prevent regulation of the Wall Street Casino operation. The extreme case is Rand Paul, who wants to eliminate the FED and let the banks run wild.

Feb 16, 2011 8:33pm EST  --  Report as abuse
ayesee wrote:
“Federal Reserve Chairman Ben Bernanke said the Fed supports the sweeping Dodd-Frank financial regulatory overhaul and is moving swiftly to put its provisions into action.”

GOOD. The abusive, corrupt “let them eat cake” rule of the Have’s over the Have Not’s needs to come to a halt, now. Enough of the middle class paying through the nose to the already wealthy, and crooked or even semi-crooked.

Feb 16, 2011 8:49pm EST  --  Report as abuse
JamesChirico wrote:
Guntse: While I agree with the first sentence, the 2nd is wrong. The Paul’s are right about the Fed. being illegal, not paying taxes on their income violating the 14th amendment, printing 9 dollars for every one they put up also violating it not giving other banks the same chance. The Treasury has far more regulatory power than the Fed., with SEC, IRS, and FBI also having power. The GOP wants to cut their ability to do their jobs (decrease funding) making your first sentence very true.

Feb 17, 2011 12:27am EST  --  Report as abuse
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