Federal Reserve Chairman, Economic Recovery | featured news

Federal Reserve Chairman Ben Bernanke told Congress Friday that there's increasing evidence that a "self-sustaining" economic recovery is taking hold, but he said the Fed's $600 billion Treasury bond-buying program is still needed because it will take years for unemployment to drop to more normal levels.

U.S. Federal Reserve Chairman Ben Bernanke said on Friday the economic recovery has weakened more than expected and the Fed stands ready to act if needed to spur slowing growth.

The U.S. economy will grow more than expected in the third quarter, but unemployment also will continue to increase and will pass 10 percent, former Federal Reserve Chairman Alan Greenspan said Sunday.

Federal Reserve Chairman Ben Bernanke said Friday a government program intended to spark lending to consumers and businesses is still necessary even with other emergency lending programs winding down as the economy recovers.