Bernanke to Testify Before Senate Banking Committee Today

WASHINGTON—Federal Reserve Chairman Ben Bernanke, in his semi-annual Monetary Policy Report to Congress, discussed some of the ways the Fed intends to tackle several economic issues, including housing and mortgage lending issues and inflation. In addition to looking at increased disclosures as part of the Truth In Lending Act, Bernanke said the Fed is working with the Office of Thrift Supervision, the Federal trade Commission, state regulators and others As a result of that review and following discussions with the Office of Thrift Supervision, the Federal Trade Commission, and state regulators and others to launch a cooperative pilot project aimed at expanding consumer protection compliance reviews at selected nondepository lenders with subprime mortgage operations. The reviews are slated to begin in the fourth quarter of this year. Bernanke testified before the House Financial Services Committee Wednesday and will make his report to the Senate Banking Committee today.