Bernanke Applauds U.S. Congress on Passage of Bailout Bill

In a statement released after the passage of the $700 billion bailout legislation, Federal Reserve Chairman Ben Bernanke applauded the actions taken by Congress.

"The legislation is a critical step toward stabilizing our financial markets and ensuring an uninterrupted flow of credit to households and businesses," said Bernanke.

Bernanke added the Federal Reserve will continue to work closely with the U.S. Treasury to ensure that credit flows to households and businesses.

"We will continue to use all of the powers at our disposal to mitigate credit market disruptions and to foster a strong, vibrant economy," said Bernanke.

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