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The Chairman of the Board of Governors of the Federal Reserve, Dr. Ben Bernanke, has spent the past two days testifying before House and Senate committees on the outlook of the U.S. economy. Throughout both hearings, congressmen have asked what the position of the Federal Reserve is on the “fiscal cliff” Chairman Bernanke has described, as well as the possible actions that the Fed is planning to take to reduce unemployment and keep inflation stable.
Chairman Bernanke has expressed the need for Congress to come up with a plan for addressing the upcoming fiscal challenges for the U.S. In his testimony today before the House Committee on Financial Services, Bernanke stated “monetary policy can’t do much about long-term growth,” which needs to be addressed by actions taken by public and private investments. Read our latest briefing paper on the Federal Reserve Bank and its powers to get a better idea of how monetary has been used to influence economic conditions.