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BUSINESS
December 8, 2009 | By Don Lee
Despite last week's surprisingly positive report on jobs, Federal Reserve Chairman Ben S. Bernanke remains cautious about the economic recovery and suggested Monday that he would push to keep interest rates near zero for an "extended period." In a speech at the Economic Club of Washington, Bernanke said the job market remained weak, and he maintained a sobering outlook for unemployment in the foreseeable future -- even after Friday's upbeat employment report. That data showed the jobless rate dropping slightly to 10% from 10.2% in October and employers shedding 11,000 jobs last month, far less than what economists had projected.
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BUSINESS
March 4, 2014 | By Jim Puzzanghera
Although the Federal Reserve has been criticized for its unprecedented efforts to fight the 2008 financial crisis, former Fed chief Ben S. Bernanke said Tuesday the central bank could have done more. "Although we have been very aggressive, I think on the monetary policy front we could have been even more aggressive," Bernanke told a bankers conference in Abu Dhabi, according to Reuters. The speech marked his first public comments since stepping down Feb. 2 after eight years as Fed chairman.
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BUSINESS
January 26, 2010 | By Tom Petruno
Federal Reserve Chairman Ben S. Bernanke's confirmation to a second four-year term, seemingly a slam dunk just a few weeks ago, now has become a true battle royal. Although Democratic Sens. Dianne Feinstein of California and Max Baucus of Montana voiced support for Bernanke on Monday, a Wall Street Journal tally showed that the Fed chief still was 20 votes shy of the 60 needed to overcome a filibuster that could block his confirmation. A total of 43 senators have said they are undecided or haven't officially commented.
BUSINESS
January 29, 2014 | By Don Lee
WASHINGTON - Shrugging off the recent turbulence in financial markets, the Federal Reserve gave an upbeat take on the U.S. economy and went through with a second straight cut to its large bond-buying stimulus program. Although the decision to reduce its purchases was expected, Ben S. Bernanke won rare unanimous backing in his last meeting as Fed chairman Wednesday. The 10-0 vote to make another $10-billion-a-month cut in its bond purchases also cemented the central bank's plan to gradually dial back its unprecedented monetary stimulus.
BUSINESS
March 4, 2014 | By Jim Puzzanghera
Although the Federal Reserve has been criticized for its unprecedented efforts to fight the 2008 financial crisis, former Fed chief Ben S. Bernanke said Tuesday the central bank could have done more. "Although we have been very aggressive, I think on the monetary policy front we could have been even more aggressive," Bernanke told a bankers conference in Abu Dhabi, according to Reuters. The speech marked his first public comments since stepping down Feb. 2 after eight years as Fed chairman.
NATIONAL
January 24, 2010 | By Jim Puzzanghera
Federal Reserve Chairman Ben S. Bernanke, whose reconfirmation has become surprisingly jeopardized, received a bipartisan boost Saturday from two key senators who reiterated their support for him and predicted he would win a second four-year term. Senate banking committee Chairman Christopher J. Dodd (D-Conn.) and Sen. Judd Gregg (R-N.H.), who also serves on the committee, took the unusual step of issuing a weekend statement on Bernanke's behalf. The move came a day after two Democratic senators, Barbara Boxer of California and Russell D. Feingold of Wisconsin, announced their opposition to Bernanke's renomination as head of the central bank, fueling speculation that his confirmation could be scuttled.
BUSINESS
May 28, 2013 | By Jim Puzzanghera
WASHINGTON -- With the Federal Reserve playing an over-sized role in the U.S. economy, Wall Street investors are keenly interested in who will be the central bank's next chairman when Ben S. Bernanke's term expires in January. The Fed's No. 2 official, Janet L. Yellen, long seen as Bernanke's heir apparent, is considered the favorite to succeed him. But an even better-known economist could get the nod from President Obama: Lawrence Summers . Despite a "deep bench" of candidates, Financial Times columnist Edward Luce is betting on Summers, a former Treasury secretary who served as Obama's top economic aide from in 2009 and 2010.
BUSINESS
December 16, 2013 | By Don Lee
WASHINGTON -- As Ben S. Bernanke nears the end of his term as Federal Reserve chairman, he is talking more about what may be one of the enduring legacies of his eight-year tenure: the Fed's dramatically expanded communications with the public. These have included instituting quarterly news conferences by the chairman, among other regular public appearances, and providing an explicit target on inflation and thresholds for Fed policy actions. On Monday, in remarks at a gathering to mark the 100th anniversary of the law that established the Fed, Bernanke described these changes as an "ongoing revolution in communication and transparency" at the central bank, which over most of its history has operated in great secrecy.
BUSINESS
December 17, 2009 | By Don Lee
Federal Reserve Chairman Ben S. Bernanke has been praised by President Obama and hailed by most mainstream economists for bold policies that played a critical role in pulling the U.S. economy back from the brink of disaster. The Fed chief even won a celebrity accolade Wednesday when Time magazine named him Person of the Year. But instead of basking in glory, the 56-year-old professorial Fed chairman is fighting for his job -- and for the survival of policies at the heart of efforts by the central bank and the Obama administration to keep the nation's fragile recovery on track.
BUSINESS
December 4, 2009 | By Don Lee
Federal Reserve Chairman Ben S. Bernanke on Thursday defended the central bank's record and argued for preserving its regulatory powers, but lawmakers in both parties were unmoved as they lobbed sharp criticisms at him and the Fed for lapses that contributed to the financial crisis. Bernanke is widely expected to win a second term as chairman, but the confirmation hearing before the Senate Banking Committee provided new evidence of the intense resentment in Congress over what is seen as the Fed's failure to tighten credit and curb financial risk-taking in time to avert the worst economic downturn since the 1930s.
BUSINESS
December 27, 2013 | By Tom Petruno
Wall Street had plenty of reasons to think 2013 would go miserably for the stock market - what with a lackluster global economy, the U.S. government shutdown, Syria's civil war, the Obamacare fiasco and Miley Cyrus. Instead, we're on track for a 29% gain in the Standard & Poor's 500 index, which would be its best annual showing since 1997. So the highlight of the year for many Americans will be the repair job on their retirement savings accounts. But taking a broader view, here are six 2013 market memories that should endure: • Ma and Pa come back to stocks.
BUSINESS
December 16, 2013 | By Don Lee
WASHINGTON -- As Ben S. Bernanke nears the end of his term as Federal Reserve chairman, he is talking more about what may be one of the enduring legacies of his eight-year tenure: the Fed's dramatically expanded communications with the public. These have included instituting quarterly news conferences by the chairman, among other regular public appearances, and providing an explicit target on inflation and thresholds for Fed policy actions. On Monday, in remarks at a gathering to mark the 100th anniversary of the law that established the Fed, Bernanke described these changes as an "ongoing revolution in communication and transparency" at the central bank, which over most of its history has operated in great secrecy.
BUSINESS
July 19, 2013 | By Andrew Tangel
NEW YORK - Investors pushed major U.S. indexes to a fresh round of all-time highs this week after strong profit reports from Wall Street banks were seen as another sign that the economy is improving. Citigroup Inc., Goldman Sachs and Morgan Stanley all reported that their investment banking business did big business during the second quarter. Analysts viewed that as a sign companies are turning to major financial firms to raise money and expand. Bulls hope that stronger corporate profits will help the underlying value of stocks and keep this year's rally going.
BUSINESS
May 28, 2013 | By Jim Puzzanghera
WASHINGTON -- With the Federal Reserve playing an over-sized role in the U.S. economy, Wall Street investors are keenly interested in who will be the central bank's next chairman when Ben S. Bernanke's term expires in January. The Fed's No. 2 official, Janet L. Yellen, long seen as Bernanke's heir apparent, is considered the favorite to succeed him. But an even better-known economist could get the nod from President Obama: Lawrence Summers . Despite a "deep bench" of candidates, Financial Times columnist Edward Luce is betting on Summers, a former Treasury secretary who served as Obama's top economic aide from in 2009 and 2010.
BUSINESS
November 21, 2012 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - Federal Reserve Chairman Ben S. Bernanke urged President Obama and Congress to shield the fragile economy from the full brunt of the so-called fiscal cliff or risk another recession just as the recovery is taking hold. Speaking Tuesday at the New York Economic Club, Bernanke warned that the Fed doesn't have the tools left to offset the one-two punch of significantly higher taxes and sharply reduced government spending set to begin in January. "Coming together to find fiscal solutions will not be easy, but the stakes are high," Bernanke said.
BUSINESS
September 12, 2012 | By Jim Puzzanghera and E. Scott Reckard, Los Angeles Times
WASHINGTON — Federal Reserve Chairman Ben S. Bernanke is poised to roll out another stimulus program — and risk the wrath of conservative critics. Bernanke and his central bank colleagues gather Wednesday for a pivotal two-day session fresh off last week's disappointing jobs report, the latest in a string of signs that the economic recovery is faltering. And with Europe, China and other nations taking steps to bolster their struggling economies in the face of a global slowdown, Washington and Wall Street expect the Fed to unveil plans for a third round of its controversial bond-buying program when the meeting ends Thursday.
BUSINESS
January 29, 2014 | By Don Lee
WASHINGTON - Shrugging off the recent turbulence in financial markets, the Federal Reserve gave an upbeat take on the U.S. economy and went through with a second straight cut to its large bond-buying stimulus program. Although the decision to reduce its purchases was expected, Ben S. Bernanke won rare unanimous backing in his last meeting as Fed chairman Wednesday. The 10-0 vote to make another $10-billion-a-month cut in its bond purchases also cemented the central bank's plan to gradually dial back its unprecedented monetary stimulus.
BUSINESS
July 17, 2012 | By Don Lee and Jim Puzzanghera, Los Angeles Times
WASHINGTON - Federal Reserve Chairman Ben S. Bernanke offered a bleak assessment of the economy, stirring more speculation that the central bank would spring into action to boost the flagging recovery. But the Fed chief gave no hint that any move was imminent. And several analysts concluded after his testimony to lawmakers Tuesday that the Fed was now likely to sit tight this summer, waiting until at least its mid-September meeting before undertaking new efforts to spur growth.
BUSINESS
July 16, 2012 | By Jim Puzzanghera and Marc Lifsher, Los Angeles Times
WASHINGTON - A House committee is launching a bipartisan investigation into allegations that large banks rigged a key interest rate, and will start by questioning Federal Reserve ChairmanBen S. Bernanke and Treasury SecretaryTimothy F. Geithner at upcoming hearings. At the same time, officials at the country's largest public pension fund, the California Public Employees' Retirement System, said Monday they were examining the effect of the rate-fixing scandal and might seek damages if they could be calculated.
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