Ben Bernanke, Congress | featured news

Federal Reserve Chairman Ben Bernanke on Tuesday urged Congress and the Obama administration to strike a budget deal to avert tax increases and spending cuts that could trigger a recession next year.

Federal Reserve Chairman Ben Bernanke makes clear in a letter to a House lawmaker that he thinks the Fed can do more to bolster the economic recovery and help reduce unemployment.

Stocks rose Wednesday, as investors watched Fed Chief Bernanke deliver the semi-annual "Monetary Policy Report to the Congress" before the House Financial Services Committee.

US Federal Reserve Chairman Ben Bernanke tells Congress that the US economy is "close to faltering" and more action may be needed.

Federal Reserve Chairman Ben Bernanke said Wednesday that long-term unemployment is a “national crisis” and suggested that Congress should take further action to combat it. He also said lawmakers should provide more help to the battered housing industry.

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.

Fed chief Bernanke expressed confidence to Congress that the unfolding economic recovery will have staying power, but not fast enough to relieve high unemployment quickly.

A crucial vote to cut off debate is expected later Thursday. If that passes, a vote on confirmation could follow.

U.S. lawmakers looked likely to grudgingly approve Ben Bernanke to a second term as Federal Reserve chairman this week after the White House stepped in to defend his crisis-fighting record and rally votes.

Bernanke called on Congress to act on financial reform efforts, as the central bank itself works to implement a number of measures that should help shore up the financial system.