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 October 08, 2009

Federal Reserve Wants Additional Oversight of Financial System
Ben Bernanke, the Chair of the Federal Reserve, presented to Congress on October 1, his desire that the Federal Reserve be granted additional oversight the financial system. The additional controls would oversee insurance companies, banks, hedge funds and others. While stating his case to Congress, Bernanke admitted that the Fed has not done a very good job at protecting consumers, yet mentioned that improvements are in the works.
Bernanke pointed out "no-document loans" as one example of a risky type of product which he feels should be monitored by the Fed. The formation of a council of regulators which would police the financial system was suggested.

Bernanke also warned members of Congress to be mindful that even if the U.S. economy was to grow three percent during the upcoming quarters, unemployment across the nation will continue to be above nine percent through the conclusion of next year.