Bernanke, Paulson ask for more powers
The Fed Chairman and Treasury Secretary were on Capitol Hill asking Congress for stronger regulatory powers to prevent another large investment bank from collapsing. Host Kai Ryssdal runs through their remarks.
Treasury Secretary Henry Paulson and U.S. Federal Reserve Board Chairman Ben Bernanke testify before the House Financial Services Committee on July 10, 2008. (Karen Bleier/AFP/Getty Images)
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TEXT OF STORY
Kai Ryssdal: Truly, Henry Paulson and Ben Bernanke couldn't have planned it better if they'd tried, because just as all those rumors were starting to pick up steam this morning, the Treasury Secretary and the Chairman of the Federal Reserve Bank of the United States found themselves in front of the microphones testifying before the House Financial Services Committee.
And they were saying basically the same thing: Unless you want another Bear Stearns, we need more rules to help control the markets -- and we need 'em fast.
Ben Bernanke: The broader reforms that I believe are necessary are obviously the purview of Congress and we hope that you'll be addressing those issues in a timely way.
Spencer Bachus: Secretary Paulson?
Henry Paulson: I agree very much with what the chairman has said.
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