Talking about Bernanke Warns of Risks in Push to Revamp Fed – DealBook Blog – NYTimes.com

 

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Bernanke Warns of Risks in Push to Revamp Fed – DealBook Blog – NYTimes.com
The Federal Reserve’s chairman, Ben S. Bernanke, warned bluntly over the weekend that provisions in financial legislation before the House and Senate would “seriously impair” the Fed as it struggled to maintain financial and economic stability. In an article on the op-ed page of The Washington Post, Mr. Bernanke sharply criticized a Senate provision that he said “would strip the Fed of all its bank regulatory powers” and a House provision to repeal a 30-year-old law “to protect monetary policy from short-term political influence.” The Federal Reserve’s jurisdiction to regulate banks has come under increasing attack in Congress in recent months, reflecting the anger of voters at the huge taxpayer costs of the bailout of Wall Street.Mr. Bernanke repeated, as he has many times before, that while some of the measures in response to the financial crisis were “distasteful and unfair,” they were necessary.

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