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Thursday, June 07, 2012

Bernanke Senate Testimony: "Prepared to take action as needed"

by Calculated Risk on 6/07/2012 10:04:00 AM

Federal Reserve Chairman Ben Bernanke testimony "Economic Outlook and Policy" before the Joint Economic Committee, U.S. Senate:

Concerns about sovereign debt and the health of banks in a number of euro-area countries continue to create strains in global financial markets. The crisis in Europe has affected the U.S. economy by acting as a drag on our exports, weighing on business and consumer confidence, and pressuring U.S. financial markets and institutions. European policymakers have taken a number of actions to address the crisis, but more will likely be needed to stabilize euro-area banks, calm market fears about sovereign finances, achieve a workable fiscal framework for the euro area, and lay the foundations for long-term economic growth. U.S. banks have greatly improved their financial strength in recent years, as I noted earlier. Nevertheless, the situation in Europe poses significant risks to the U.S. financial system and economy and must be monitored closely. As always, the Federal Reserve remains prepared to take action as needed to protect the U.S. financial system and economy in the event that financial stresses escalate.
Here is the CNBC feed.

Here is the C-Span Link