25 Feb.
Bernanke, the Federal Reserve chairman, told Congress that the central bank did not intend to start raising short-term interest rates any time soon, saying the economic recovery would remain halting for many more months.
In presenting the Fed’s semiannual monetary report, he did not waver from his recent statements on monetary policy. And the reassurance helped lift the stock market, even as a new report showed a drop in sales of new homes.
In what appeared to be a deliberate response to the criticisms leveled at the Fed, Bernanke announced support for two measures to improve oversight of the extraordinary lending programs the Fed started in 2008.
In one of the moves toward openness, Bernanke said the Fed would back legislation requiring the eventual release of the names of borrowers that used the programs.
He also said the Fed had undertaken “an intensive self-examination” of its regulatory duties, after years in which it had failed to curb some of the most excessive risk-taking by the banks it supervises.
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