WASHINGTON (MNI) – The following is a transcript of comments made
by Federal Reserve Chairman Ben Bernanke during his testimony on
monetary policy to the House Financial Services Committee:
“You raise a lot of good points, first I do think the monetary
policy has been constructive in bringing employment back to the maximum
employment level.
“Congressman Frank pointed out the sharp movement in March of ’09,
that was exactly the date we began QE1. Since QE2 in November 2010 there
have been 2.5 million new jobs created; now I don’t claim credit for all
those jobs of course, many other factors are at work, but I think it has
been constructive. But you are right in terms of what long-term
productivity gains can be sustained by this economy, monetary policy is
not the answer to that, the answer is the private sector but in a
partnership with other good other economic policies.
“Monetary policy is not a panacea, that it could help offset
cyclical fluctuations in financial crisis like we have had, but the long
term health of the economy depends mostly on decisions taken by Congress
and the Administration.”
** Market News International Washington Bureau: 202-371-2121 **
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