Bernanke subdued on protection role

Federal Reserve Chairman Ben Bernanke told Congress Thursday that the central bank is “well suited” to oversee colossal financial companies whose failure could endanger the entire economy.

WASHINGTON (AP) — Federal Reserve Chairman Ben Bernanke told Congress Thursday that the central bank is “well suited” to oversee colossal financial companies whose failure could endanger the entire economy.

His written testimony did not mention the Fed losing some of its consumer protection duties, after the Fed chief previously criticized the Obama administration for its plan to strip the central bank of some of those powers.

Tags: us business, federal reserve, business, economy, banks, bernanke

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