| 00:02:36 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
TO DELIVER THE SEMI ANNUAL POLICY REPORT. THE LEGACY OF THE FINANCIAL CRISIS STILL WEIGHS HEAVILY ON OUR NATION'S ECONOMY AND FINANCIAL SYSTEM TODAY....
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| 00:08:15 |
Crapo, Michael "Mike" - U.S. Senator, [R] Idaho
PART OF THE RECORD. THE U.S. ECONOMY CONTINUES TO EXPERIENCE A DISAPPOINTING JOB GROWTH AND FACES SIGNIFICANT CHALLENGES WITH THE EUROZONE DEBT CRISIS,...
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| 00:12:14 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
ADDITIONAL STATEMENTS AND OTHER MATERIALS. WITH THAT, I WOULD LIKE TO WELCOME CHAIRMAN BERNANKE. HE IS CURRENTLY SERVING AS A -- HIS SECOND TERM AS...
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| 00:13:00 |
Bernanke, Ben S. - Chair
AND THE OUTLOOK BEFORE TURNING TO MONETARY POLICY. THE U.S. ECONOMY HAS CONTINUED TO RECOVER BUT ECONOMIC ACTIVITY APPEARS TO HAVE DECELERATED SOMEWHAT...
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| 00:24:38 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
A QUESTION ABOUT THE LIBOR SCANDAL. LAST WEEK YOU RELEASED DOCUMENTS SHOWING THAT THE FED PROVIDED EARLY WARNINGS ON MANIPULATION IN LIBOR MARKET. THEN...
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| 00:25:35 |
Bernanke, Ben S. - Chair
PUBLIC CONFIDENCE. REGARDING THE FEDERAL RESERVE'S ROLE, AND THE FEDERAL RESERVE BANK OF NEW YORK TAKES OF THE FEDERAL RESERVE SYSTEM./ IT WAS IN THE...
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| 00:33:32 |
Crapo, Michael "Mike" - U.S. Senator, [R] Idaho
REGULATORS TO IMPOSE MARGIN ON END USERS. IN APRIL 2011 THEY ISSUED A JOINT PROPOSAL THAT REQUIRES THEM TO POST A MARTIAN TO THEIR BANK REPAY A MARGIN...
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| 00:34:46 |
Bernanke, Ben S. - Chair
CREDIT RISK WAS VIEWED AS BEING SUFFICIENTLY SMALL. MANY SMALL AND USERS WOULD BE EXEMPT IN PRACTICE. >> DO YOU AGREE THE NON FINANCIALS AND USERS...
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| 00:38:53 |
Reed, John "Jack" F. - U.S. Senator, [D] Rhode Island
LIBOR BECAUSE IT SAYS HOW MUCH THEY HAVE TO PAY FOR STUDENT LOANS, ETC. -- THAT THE CURRENT LIBOR IS RELIABLE, THAT THE CHANGES THAT WERE MADE HAVE...
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| 00:39:30 |
Bernanke, Ben S. - Chair
THE SUGGESTIONS THAT WERE MADE BY THE FEDERAL RESERVE BANK OF NEW YORK. IT IS LIKELY THAT CONCERNS ARE LESS BECAUSE WE ARE NO LONGER IN A CRISIS. THAT...
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| 00:45:11 |
Corker, Bob - U.S. Senator, [R] Tennessee
REDUCTION IS $1.20 TRILLION OVER THE NEXT SEVEN YEARS. WE SPENT ABOUT 45-$47 TRILLION OF TAXPAYER MONEY OVER THE NEXT 10-YEARS. WHILE I AGREE THAT WE...
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| 00:46:10 |
Bernanke, Ben S. - Chair
A SMALLER REDUCTION IN FISCAL -- IN THE FISCAL POSITION WOULD HAVE LESS EFFECT THAN A LARGER ONE. >> AS A LOOK AT THE ECONOMY, WHICH CANNOT ALSO SAY...
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| 00:52:07 |
Schumer, Charles E. - U.S. Senator, [D] New York
HUMAN STIMULUS. I AGREE WITH YOU. UNDER CURRENT CONDITIONS FISCAL POLICY SHOULD BE OUR FIRST CHOICE. IT WOULD BE MORE EFFECTIVE. WE CAN TALK ALL WE WANT....
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| 00:55:27 |
Bernanke, Ben S. - Chair
WE SAID WE WERE PREPARED TO TAKE FURTHER ACTION. THE COMPLICATION IS THAT WE ARE DEALING WITH LESS CONVENTIONAL TOOLS. WE HAD TO MAKE ASSESSMENTS. IT...
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| 00:57:26 |
DeMint, James "Jim" - U.S. Senator, [R] South Carolina
SAME TIME, IT APPEARS WE'RE FORCING YOU INTO A TEMPORARY SHORT TERM IDEA. I AM CONCERNED, YOU MENTIONED COST AND BENEFITS AS COSTS WE DO NOT TALK ABOUT...
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| 01:00:31 |
Bernanke, Ben S. - Chair
OF COURSE, IS THAT WE ARE TRYING TO PROMOTE A RECOVERY IN THE ECONOMY. IF PEOPLE HOLD FIXED INCOME SECURITIES LIKE CD'S OR TREASURY BONDS, BUT THEY...
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| 01:03:00 |
Menendez, Robert "Bob" - U.S. Senator, [D] New Jersey
OF MY COLLEAGUES AND I WROTE TO YOU AND THE DEPARTMENT OF JUSTICE ASKING FOR A ROBUST INVESTIGATION IN THE ROLE OF THESE BANKS AND HOW THIS ALTERNATELY...
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| 01:05:28 |
Bernanke, Ben S. - Chair
IF YOU WERE CAUGHT IN THE TIME WHEN THEY WANTED TO HIRE LIBOR, AND THAT WAS A TIME OF ADJUSTMENT, YOU HAVE A DETRIMENT. INVESTORS HAD A DETRIMENTAL IN...
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| 01:09:00 |
Vitter, David - U.S. Senator, [R] Louisiana
I HAVE NOT SEEN ANYTHING ABOUT IT REACTING AS A REGULATOR OF U.S. LARGE BANKS. DID IT DO ANYTHING TO INVESTIGATE WHETHER U.S. BANKS WERE GUILTY OF THE...
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| 01:09:34 |
Bernanke, Ben S. - Chair
THE PRESIDENT'S WORKING GROUP THAT PROVIDED SUPPORTING INFORMATION, AS DID THE BOARD. THE INVESTIGATIONS TOOK PLACE BUT THEY WERE TAKEN UP QUICKLY...
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| 01:16:40 |
Akaka, Daniel K. - U.S. Senator, [D] Hawaii
EUROPE AND CHINA SHOW US HOW DEPENDENT THE UNITED STATES IS ON THE INTERNATIONAL MARKETS WHEN IT COMES TO OUR ECONOMIC RECOVERY. DESPITE CONCERNS ABOUT...
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| 01:18:01 |
Bernanke, Ben S. - Chair
TOURISM IN A NUMBER OF PLACES AROUND THE COUNTRY. YOU MENTIONED THE INTERNATIONAL TRADE DEFICIT. PEOPLE MAY NOT APPRECIATE THAT WHEN A FOREIGNER COMES...
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| 01:22:21 |
Johanns, Mike - U.S. Senator, [R] Nebraska
ASCENSION -- ASSUMPTION? >> THAT IS CORRECT. >> BECAUSE OF THE FACT THAT ALL OF THE VARIOUS ITEMS THAT ARE INCLUDED IN THE SO-CALLED FISCAL CLIFF WOULD...
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| 01:23:48 |
Bernanke, Ben S. - Chair
IS A CONGRESSIONAL RESPONSIBILITY. I AM POINTING TO THE COLLECTIVE IMPACT OF THESE DIFFERENT THINGS HAPPENING AT THE SAME TIME. THERE MAY BE DIFFERENT...
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| 01:28:13 |
Brown, Sherrod - U.S. Senator, [D] Ohio
UNFORTUNATELY, AS WE ALL KNOW, SINCE 2008, WE HAVE SEEN TOO MANY EXAMPLES OF WALL STREET BREAKING RULES AGAIN. AND LAWS AND COMMON STANDARDS OF ETHICAL...
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| 01:30:50 |
Bernanke, Ben S. - Chair
IS IMPORTANT FOR US TO ADDRESS THOSE ISSUES THROUGH ENFORCEMENT AND OF COURSE PART OF THE REASON, I AM NOT OVER CLAIMING HERE, BUT PART OF THE REASON...
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| 01:33:59 |
Toomey, Pat - U.S. Senator, [R] Pennsylvania
WILL ACKNOWLEDGE I AM SYMPATHETIC TO THE FACT THAT WE HAVE GIVEN YOU A DUAL MANDATE WHICH I THINK CREATES THE RISK THEY WILL BE PUT IN A POSITION WHERE...
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| 01:36:09 |
Bernanke, Ben S. - Chair
AND WE LOOK FORWARD TO HAVING PARTNERSHIPS WITH OTHER PARTS OF ECONOMIC POLICY. ON THE TELEPHONE CONTACTS, NOTE THAT THESE WERE PHONE CALLS MADD E BY...
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| 01:39:49 |
Kohl, Herbert "Herb" H. - U.S. Senator, [D] Wisconsin
THINGS LIKE TRAINING AND EDUCATION. THE FEDERAL RESERVE HAS ITS OWN MANDATE TO KEEP UNEMPLOYMENT LOW AND WE CONTINUE TO SEE VERY DISAPPOINTING JOBS...
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| 01:42:37 |
Bernanke, Ben S. - Chair
BE. DEER HAVE BEEN A FEW ESTIMATES -- THERE HAVE BEEN A FEW ESTIMATES OF POTENTIAL COSTS BUT THOSE ARE BACK OF THE ENVELOPE TYPES OF CALCULATIONS. I...
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| 01:44:19 |
Moran, Jerry - U.S. Senator, [R] Kansas
THERE NOW THAT WE OUGHT TO BE PAYING ATTENTION TO THAT HAS THE POTENTIAL OF BEING THE NEXT CRISIS TO THE ECONOMY OF THE UNITED STATES? I OFTEN READ...
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| 01:44:58 |
Bernanke, Ben S. - Chair
FINANCIAL STRESS ASSOCIATED WITH THAT. I THINK STILL SOME DISTANCE BEFORE THEY GET TO A SOLUTION. THAT POSES AN ONGOING DRAG ON OUR ECONOMY AND ALTHOUGH...
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| 01:50:53 |
Warner, Mark R. - U.S. Senator, [D] Virginia
TO TRY TO PROMOTE STARTUPS. STARTUP 2.0 ADDRESSES THE ISSUES YOU JUST TALKED ABOUT AS WELL AS TALENT. WE MADE SOME MOVEMENT ON THE ACCESS TO CAPITAL...
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| 01:52:59 |
Bernanke, Ben S. - Chair
TAKING PLACE IN COUNTRIES LIKE SPAIN, PORTO, AND ITALY ARE VERY SUBSTANTIAL AND IN THE NEAR TERM WHICH IS PART OF THE REASON WHY THEIR ECONOMIES ARE SO...
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| 01:56:55 |
Wicker, Roger - U.S. Senator, [R] Mississippi
AND YOU SAID THAT YOU NOW FORECAST THAT WE WILL HAVE OVER 7% UNEMPLOYMENT THROUGH THE END OF 2014. I THINK WE WILL AGREE THIS IS NOT THE KIND OF ECONOMIC...
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| 01:57:47 |
Bernanke, Ben S. - Chair
THE EXPIRATION OF THE 2001-2003 TAX CUTS AS WELL AS THE END OF THE PAYROLL TAX CUTS, UI PAYMENTS AND THE SEQUESTRATION. YOU PUT THOSE THINGS TOGETHER...
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| 02:03:11 |
Merkley, Jeffery "Jeff" - U.S. Senator, [D] Oregon
WHOSE MORTGAGES ARE UNDER WATER. SOME CAN WE NET -- SOME TO REFINANCE BUT IT HAS BEEN A SMALL NUMBER. IF FAMILIES WHO ARE UNDER WATER COULD REFINANCE...
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| 02:03:50 |
Bernanke, Ben S. - Chair
IMPROVE THE INCOME OF THE PEOPLE WHO COULD REFINANCE. >> THANK YOU, MR. CHAIRMAN. SWITCHING TO ANOTHER COMMENT -- I BELIEVE YOU MADE IN RESPONSE TO CHAIRMAN...
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| 02:10:20 |
Bennet, Michael - U.S. Senator, [D] Colorado
THERE HAVE BEEN TRACES OF A DISCUSSION ABOUT THE NATURE OF THE ECONOMIC GROWTH WE NEED TO SEE IN THIS COUNTRY. IT REALLY IS NOT JUST ABOUT GDP GROWTH....
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| 02:12:17 |
Bernanke, Ben S. - Chair
INSTITUTIONS THAT INCLUDE NOW THE COMMON CURRENCY AREA WERE CREATED AFTER WORLD WAR II IN PART TO TRY TO AVOID FUTURE WAR ON THE EUROPEAN CONTINENT....
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| 02:16:28 |
Hagan, Kay R - U.S. Senator, [D] North Carolina
THE LONG HEARING TODAY. WE TALKED A LOT ABOUT LIBOR TODAY AND IT IS A BENCHMARK THAT LENDERS VOLUNTARILY USED TO REPRESENT THE COST OF BORROWING BY LARGE...
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| 02:17:18 |
Bernanke, Ben S. - Chair
IS THE GENERAL COLLATERAL REPO RATE. IT HAS THE ADVANTAGE OF BEING A VERY THICK MARKET. TRADES TAKE PLACE AT DIFFERENT MATURITIES. THAT WAS A POSSIBILITY...
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| 02:23:27 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
YOU. THIS HEARING IS ADJOURNED. [CAPTIONING PERFORMED BY NATIONAL CAPTIONING INSTITUTE] [CAPTIONS COPYRIGHT NATIONAL CABLE SATELLITE CORP. 2012] >>...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.