Bernanke: Fed is Moving Ahead on Financial Revamp

By: Associated Press
By: Associated Press

WASHINGTON (AP) - Federal Reserve Chairman Ben Bernanke says the central bank is working closely with other regulators to implement
the biggest overhaul of the nation's financial rules since the 1930s.

The law enacted last year aims to protect the country from another financial crisis like the one that hit with force in 2008 and plunged the economy into a deep recession.

Bernanke is scheduled to deliver a progress report on the law's implementation to Congress on Thursday.

The Fed chief says in prepared testimony made available Wednesday that work is under way toward setting up a government agency housed within the Fed for protecting consumers from abusive
financial practices.

The Fed has also created a new office to better spot risky financial developments.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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