Steven Sloan

Though Federal Reserve Board Chairman Ben Bernanke's renomination won the Senate Banking Committee's approval Thursday, it was hardly a vote of confidence in the central banker or his agency.

Over the objections of several key lawmakers, including Sen. Richard Shelby, the Senate Banking Committee approved Federal Reserve Board Chairman Ben Bernanke's nomination on Thursday to lead the central bank for another four years.

The Federal Reserve Board's policymaking committee reiterated Wednesday its plan to end most of its liquidity facilities on Feb. 1.

In contrast to five hearings probing Bank of America's deal for Merrill Lynch, the House Oversight and Government Reform Committee has held just one this year on Tarp, and three on AIG.

Efforts by the Obama administration and other branches of the government to curb extravagant compensation packages could instead hurt the value of financial firms, the Shadow Financial Regulatory Committee said Monday.

A little-noticed provision offered by House Financial Services Committee Chairman Barney Frank would prevent the Fed or a systemic-risk council from overriding state or federal consumer protection standards.

Senate Banking Committee Chairman Chris Dodd said Tuesday that his panel would meet Dec. 17 to vote on President Obama's nomination of Ben Bernanke to chair the Federal Reserve Board for another four years.

The nation's top accounting regulator told banking supervisors Tuesday they are free to apply their own judgments to bank financial statements.

Once considered the biggest winner under the Obama administration's regulatory revamp plan, the Federal Reserve Board is likely to lose substantial power if reform legislation is enacted, as expected.

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A day after Federal Reserve Board Chairman Ben Bernanke defended financial market interventions as necessary to avoid a deeper crisis, another central bank official said the actions had worsened problems posed by large companies.

A day after Federal Reserve Board Chairman Ben Bernanke defended financial market interventions as necessary to avoid a deeper crisis, another central bank official said the actions had worsened problems posed by large companies.

The renomination of Federal Reserve Board Chairman Ben Bernanke wasn't supposed to be a nail-biter, but the prospect of another four-year term has lawmakers from both sides throwing up roadblocks.

The controversial financial market interventions that have stoked populist anger and opened the Federal Reserve Board to unprecedented political pressure were necessary to avoid a far deeper financial crisis, Chairman Ben Bernanke told lawmakers during his confirmation hearing on Thursday.

Though Federal Reserve Board officials view being audited by another government agency as a threat to their political independence and ability to craft monetary policy, observers say such a doomsday scenario is unfounded.

The Federal Reserve Bank of New York said it will begin selling securities into financial markets "in the coming weeks" through reverse repurchase agreements to test how the central bank might absorb excess cash in the system.

Capitol Hill's focus on the Fed has raised the stakes for Bernanke's confirmation hearing Thursday where he will both defend the unprecedented steps the Fed has taken during the crisis and argue that Congress should not strip his agency of authority.

Capitol Hill's focus on the Fed has raised the stakes for Bernanke's confirmation hearing Thursday where he will both defend the unprecedented steps the Fed has taken during the crisis and argue that Congress should not strip his agency of authority.

WASHINGTON — The Federal Reserve Board is pushing banks to figure out how they will repay government bailout money while also debating how it will clean up its own balance sheet.

Though the House Financial Services Committee voted to attach his amendment toughening oversight of the Federal Reserve Board to legislation aimed at reining in systemic risk, Rep. Ron Paul said Monday that he is unlikely to vote for the broader bill.