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Bernanke Fights Audit Threat To The Fed
Posted By admin On July 22, 2009 @ 10:45 am In Featured Stories,Money Watch | Comments Disabled
Wednesday, July 22, 2009
Federal Reserve Chairman Ben Bernanke faced a grilling in Congress on Tuesday about the role of the Fed, and spoke out strongly against a legislative proposal to audit the central bank.
Speaking to the House Financial Services Committee, Bernanke tempered optimism that the economy is improving, noting that, “despite these positive signs, the rate of job loss remains high and the unemployment rate has continued its steep rise.” He added the Fed expects inflation to remain subdued over the next two years.
He discussed the Federal Reserve’s strategy to extricate itself from the outsized role it’s taken in the economy to avert financial disaster. He reminded Congress about the need to get the budget deficit fixed: If not, “we risk having neither financial stability nor durable economic growth,” he said.
Bernanke also came out in strong opposition to legislation proposed by Rep. Ron Paul, R-Texas, to audit the Federal Reserve.
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URLs in this post:
 Forbes: http://www.forbes.com/2009/07/21/federal-reserve-congress-business-washington-bernanke.html
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 Audit the Fed: Bernanke and the Bankers Are Running Scared: http://www.prisonplanet.com/audit-the-fed-bernanke-and-the-bankers-are-running-scared.html
 Bernanke Stutters, Stammers And Shakes His Way Through Questions On Audit The Fed Bill: http://www.prisonplanet.com/bernanke-stutters-stammers-and-shakes-his-way-through-questions-on-audit-the-fed-bill.html
 Ron Paul Audit the Fed Bill Set To Pass House of Representatives: http://www.prisonplanet.com/ron-paul-audit-the-fed-bill-set-to-pass-house-of-representatives.html
 Bernanke warns on oil price ‘threat’: http://www.prisonplanet.com/bernanke-warns-on-oil-price-threat.html
 Bernanke: Recovery “close to faltering”, Fed could act: http://www.prisonplanet.com/recovery-close-to-faltering-fed-could-act.html
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