Bernanke: Economy Still Far from Fully Recovered

STONE MOUNTAIN, Ga. — Federal Reserve Board chairman Ben Bernanke said Monday evening that the economy is still suffering from the financial crisis and talked about the ongoing efforts the Fed and its fellow financial regulators are making to prevent future crises.

Bernanke, in remarks prepared for the Federal Reserve Bank of Atlanta's annual financial markets conference, said the central bank has been working with other member agencies of the Financial Stability Oversight Council to better supervise "systemically important" banks.

But he said more regulation is needed of "systemically important" non-bank financial firms and the so-called shadow banking system.

Bernanke expressed concern about the risks posed by money market funds and the tri-party repo market, the source of so much intraday credit for financial institutions.

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