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 September 24, 2007

Bernanake to Congress: Stay Out of Current Mortgage Crisis
The Chair of the Federal Reserve Board, Ben Nernanke asked Congress to limit its responses to the mortgage crisis, stating the federal agencies are handling it.
While testifying before the House Financial Services Committee Bernanake stated that the fed is responding to the subprime problems on a number of fronts, and that they are committed to preventing problems from happening again while working to preserve responsible subprime lending.

Bernanake recommended that Congress, if the decision is made to enact legislation, that they should tread cautiously. He stressed that any Congressional action should focus on the Federal Housing Administration.

Representative Barney Frank, who is chairman of the House Financial Services Committee, did not think that was enough. Frank believes that tighter regulation could have averted the current crisis.

Frank feels that appropriate, sensible regulation could help people be more confident regarding the economy. He also noted that the House and Senate both agree that legislation is needed to help resolve the mortgage crisis. He expects a legislation package in the coming weeks.

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