Bernanke: Fed Moves Ahead on Financial Revamp

By: Associated Press
By: Associated Press
Federal Reserve Chairman Ben Bernanke says the Fed is working closely with other regulators to implement the biggest overhaul of financial rules since the Great Depression.

The Associated Press
On Sept. 2, Federal Reserve Chairman Ben Bernanke testifies on Capitol Hill in Washington before the Financial Crisis Inquiry Commission.

Washington, D.C. (AP) - Federal Reserve Chairman Ben Bernanke says the Fed is working closely with other regulators to implement the
biggest overhaul of financial rules since the Great Depression.
The law, signed by President Barack Obama in July, beefs up the
government's oversight of Wall Street, provides stronger
protections for consumers and gives the Fed and other regulators
new powers to clamp down on risky financial practices. It's all
aimed at preventing another financial crisis like the one in 2007
to 2009 that plunged the country into a deep recession.
Bernanke makes the comments in prepared testimony for a hearing
Thursday at the Senate Banking Committee.

(Copyright 2010 by The Associated Press. All Rights Reserved.)


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