NEW YORK – Calling growth in the economy “encouraging,” but employment is troubling, Federal Reserve Board Chairman Ben S. Bernanke was sworn in for a second term as chairman today.
Bernanke said that while the nation “faces enormous challenges,” as does the Fed.
“On the economic front, the resumption of growth in the nation's output of goods and services is encouraging,” Bernanke said, according to prepared text of his remarks, which were released by the Fed. “But far too many people remain unemployed, foreclosures continue at record rates, and bank credit continues to contract. We at the Federal Reserve cannot hope to solve all these problems on our own--other policymakers and those in the private sector must do their part--but we must continue to do all that we can to ensure that our policies are helping to guide the country's return to prosperity in an environment of price stability.”
He said the financial crisis uncovered “weaknesses and gaps in the regulation and supervision of financial institutions and financial markets,” and there has been “progress in identifying problems and improving how we carry out our oversight responsibilities.”
