Fed chairman promises U.S. will "not stand down" on crisis
The chairman of the Federal Reserve says the new Bush administration strategy will go a long toward shoring up the U.S. banking system.
Ben Bernanke says the $250 billion plan will help ease problems plaguing financial markets and threatening the economy. However, he's also making clear that policymakers will need to take ongoing actions as necessary to battle the crisis.
As any setbacks arise, Bernanke says the U.S. strategy will have to adapt to changing circumstances -- "to evolve and be refined."
He adds that the U.S. will "not stand down until we have achieved our goals of repairing and reforming our financial system." Also today, the Fed announced it will start buying massive amounts of short-term debt on Oct. 27. The effort is designed to break through a credit clog that can affect businesses and payrolls.
Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.