Fed Bernanke comments on european crisis feb 7 2012

Fed Bernanke comments on european crisis feb 7 2012 : Federal Reserve Chairman Ben Bernanke on Tuesday renewed a pledge to prevent Europe's financial crisis from damaging the U.S. economy in testimony before Congress that mirrored remarks he made last week.

"We are in frequent contact with European authorities, and we will continue to monitor the situation closely and take every available step to protect the U.S. financial system and the economy,'' Bernanke told the Senate Budget Committee.

The Fed chairman maintained a cautious tone on the U.S. outlook and did not refer to surprisingly strong U.S. jobs data released on Friday.

"We still have a long way to go before the labor market can be said to be operating normally,'' he said, employing language identical to remarks delivered on Thursday before the House budget panel.

Bernanke emphasized the challenge faced by the long-term unemployed, asserting that monetary policy is limited in its capacity to "fix" the unemployment rate, but said that legislative policies could do more to address the problem.

source Life Bloomberg tv Bernanke told the Senate Budget Committee feb 7 2012
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