Bernanke ‘Most Powerful Nerd’ on Planet, Time Says

Time Magazine bestowed its Person of the Year 2009 honor to Federal Reserve Chairman Ben Bernanke – the “most powerful nerd on the planet,” who led the effort to save the world economy, the publication said. That is high praise that also draws irony. Bernanke in recent weeks has weathered a heated confirmation hearing, having to defend his bailout-driven actions during the financial crisis of the last 15 months.

Fed: Long Decline in Consumer Credit Persisted in Oct.

The combination of an already tight credit market and a reluctance to fall deeper into debt contributed to the ninth straight month of declining consumer borrowing in October, the Federal Reserve reported today. Consumer credit fell at a seasonally adjusted annual rate of 1.7 percent, or $3.5 billion, to$2.48 trillion in October, the Fed reported. The figure includes most loans, such as credit cards and car loans – but not real estate.

Bernanke: Tight Credit Still Hurts Households, Small Businesses

Despite general improvement in the financial industry, credit remains tight, especially for “bank-dependent” households and small businesses, Fed Chairman Ben Bernanke said today in remarks followed closely by Wall Street. The Fed chief referred to “formidable headwinds” that is keeping the pace of recovery from moving faster.

Reshaping the Fed: Historic Role Clouded by ‘Systemic-Risk’ Bill

The House Financial Services Committee today approved the so-called systemic-risk bill that supporters claim will put an end to “too big to fail” financial firms with the creation of an inter-agency oversight council. The Federal Reserve will serve as the agent to the council, under the proposed law, which could be taken up by the full House next week.

Bernanke: Anti-Fed Laws Could ‘Seriously Impair’ U.S. Economy

Federal Reserve Chairman Ben Bernanke has fired back at current Congressional proposals to strip away at the Fed’s time-honored functions and regulatory authority, asserting that the measures would “seriously impair” prospects for U.S. economic stability.

House Panel Approves a Dec. 1 Start to Landmark Credit Reform

Despite a written objection by Fed Chairman Ben Bernanke, the House Financial Services Committee voted today to push up the start of sweeping credit card reform by two months, from Feb. 1 to Dec. 1. The lawmakers cite the actions of some card companies ahead of the new laws, including the raising of interest rates, the lowering of credit limits and the cancellation of under-used accounts, even for card users with good credit.

Fed Chairman: Moving Up Credit Reform Could Cause Problems

Moving up the start-date of sweeping new credit card reform laws could cause hardship to small credit issuers, U.S. Federal Reserve Chairman Ben Bernanke has said in a letter to a House lawmaker. Bernanke also said companies need to have sufficient time “to allow for an orderly transition and to avoid unintended consequences, compliance difficulties and potential liabilities.”

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