Federal Reserve Chairman Ben S. Bernanke met with U.S. senators today to defend his expansion of record monetary stimulus, saying it would aid job growth and the central bank would control any inflation.
Alabama Senator Richard Shelby, the senior Republican on the Banking Committee, said Bernanke cited an estimate that the program may help create 700,000 to 1 million jobs. Bernanke met with about 11 committee members amid a Republican backlash against the Nov. 3 decision by U.S. central bankers to buy an additional $600 billion of Treasury debt.
Bernanke reiterated his view that the central bank needs help from Congress in aiding the economy. “He went out of his way to say that he absolutely hopes Congress will take the lead in setting economic policy,” [Indiana Senator Evan] Bayh said.
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