Federal Reserve Chairman Ben S. Bernanke told lawmakers today that his agency's actions had helped avoid making the recession worse, though conceded that they could have done more.
The Fed's moves "contributed substantially to the improvement in financial conditions and to what now appear to be the beginnings of a turnaround in both the U.S. and foreign economies," he said during testimony before the Senate Banking Committee at his confirmation hearing for a second term.
Senate Banking Committee Chairman Christopher Dodd (D-Conn.) endorsed giving Bernanke a second term but said he remains "concerned about the weaknesses of the Federal Reserve system." And noted he is pushing for legislation to take away some of its regulatory powers and would make changes to the structure of the Fed's regional banks.
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