Fed Chief Back Before Congress

By: Associated Press Email
By: Associated Press Email

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July 22, 2009

Federal Reserve Chairman Ben Bernanke is heading back to Capitol Hill for a second day before Congress.

Yesterday, he tried to assure investors and Congress that the central bank will be able to reel in the economic stimulus package. He also says the Fed will be able to prevent a flare-up of inflation once a recovery is firmly rooted.

He says the Fed's focus continues to be "fostering economic recovery."

Today, he goes before the Senate side, where he's likely to run into fresh skepticism. Some senators are wary of the administration's plans to expand the Fed's duties to watching over big financial companies.

Yesterday, some House members noted that the Fed failed to spot problems that led to the financial meltdown in the first place.

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