Federal Reserve boss faces down Senate critics
Federal Reserve Chairman Ben Bernanke had to defend himself against Senate Banking Committee criticism over his handling of the financial crisis as he tries to secure a second term, Reuters reports.
"We played a central role in efforts to quell financial turmoil," Bernanke told the Senate Banking Committee. "The outcome could have been markedly worse."
The chairman looked set to win the committee's approval, which would clear the way for a vote by the full Senate.
So little time on regulation
The panel's top Republican, Senator Richard Shelby of Alabama, wondered why the Fed spent so little time discussing regulation at its periodic policy meetings.
"Would it be fair to say that before the crisis, in the last couple of years, not a lot of time was spent on regulatory supervision?" asked Shelby.
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