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Who is Ben Bernanke and what does he do?


The economy is slowing down and everyone is mentioning Ben Bernanke and the Fed, who is he and what does he do?

Ben Bernanke is the chairman of the Federal Reserve and its board of governors. There are 17 members who comprise the Federal Reserve board. Ben Bernanke was appointed the chairman of the Fed by President George Bush in February of 2006. The former Fed chairman prior to Ben Bernanke was Alan Greenspan who served for almost 17 years. Ben Bernanke plays a vital role in the U.S. economy, the Federal Reserve is primarily responsible for setting the monetary policy of the government. Specifically they monitor and change that rates that the Federal Banks lend money on, help to monitor the supply of money in the market and work to ensure the stability of the U.S. dollar. They control two major rates, the Fed Discount Rate and the Fed Funds Rate, the latter of which is most referred to in the news and is the basis for which most banks set rates such as credit cards and home equity loans. As the most prominent figure of the Federal Reserve, Ben Bernanke is often asked to testify as to the state of the economy and generally when issues public statements the stock and bond markets can move sharply based on his sentiments on the state of the economy.


1-17-2008 ? LoanNetwork.com





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