Bernanke Says Housing Crisis is Central Issue to Economy

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In a question and answer session with the Senate Banking Committee at the Humphrey-Hawkins testimony, Federal Reserve Chairman Ben Bernanke said the central issue in the U.S. economy is the housing market.

Bernanke said the housing market is under considerable financial stress and that the focus should be on housing in the near term.

Bernanke added that legislation needs to be passed for GSE reform. He reiterated his view for the need for a strong GSE regulator to reassure members. Bernanke attributed the subprime crisis to having triggered a broad retreat from risk taking and credit.

By Steve Stecyk and edited by Sarah Sussman
©CEP News Ltd. 2008

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Bernanke Says Housing Crisis is Central Issue to Economy

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