Ben Bernanke

Chairman Dodd, Ranking Member Shelby, and other members of the Committee, thank you for the opportunity to testify about the Federal Reserve's implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act).

The financial reform legislation approved by the Congress today represents a welcome and far-reaching step toward preventing a replay of the recent financial crisis. It strengthens the consolidated supervision of systemically important financial institutions, gives the government an important additional tool to safely wind down failing financial firms, creates an interagency council to detect and deter emerging threats to the financial system, and enhances the transparency of the Federal Reserve while preserving the political independence that is crucial to monetary policymaking.

Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C.

Chairman Frank, Ranking Member Bachus, and other members of the Committee, I am pleased to have the opportunity to discuss the Federal Reserve's role in bank supervision and the actions that we are taking to strengthen our supervisory oversight.

Today the Senate Banking Committee approved the nomination of Ben Bernanke to continue as Chairman of the Board of Governors of the Federal Reserve System on a vote of 16 to 7.

Chairman Dodd, Senator Shelby, and members of the Committee, I thank you for the opportunity to appear before you today. I would also like to express my gratitude to President Obama for nominating me to a second term as Chairman of the Board of Governors of the Federal Reserve System and for his support for a strong and independent Federal Reserve. Finally, I thank my colleagues throughout the Federal Reserve System for the remarkable resourcefulness, dedication, and stamina they have demonstrated over the past two years under extremely trying conditions.