Print  email 

FED: Bernanke backs overhaul legislation

THE OLYMPIAN | • Published October 24, 2009

• Comments (0)

Federal Reserve Chairman Ben Bernanke prodded Congress Friday to enact legislation overhauling the nation’s financial regulatory system to prevent a repeat of the banking and credit debacles that had thrust the country into crisis.

For its part, the Fed has been taking steps to strengthen oversight of banks, sharpen consumer protections and on Thursday unveiled a sweeping proposal to police banks’ pay policies to make sure they don’t encourage top executives and other employees to take reckless gambles.

The Associated Press