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Bernanke defends Fed's low-interest-rate policies
Posted By -NO AUTHOR- On 02/27/2013 @ 11:03 pm In Money | No Comments
(Associated Press) Facing criticism from Republican lawmakers, Chairman Ben Bernanke stood behind the Federal Reserve’s low-interest-rate policies Wednesday and sought to reassure members of Congress that the central bank has a handle on the risks.
In his second day of testimony on Capitol Hill, Bernanke told members of the House Financial Services Committee that the Fed’s bond purchases are needed to boost a still-weak economy and that they have helped create jobs for average Americans.
The bond purchases are intended to lower long-term interest rates. That encourages more borrowing and spending, which generates growth.
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