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News Summary: Bernanke defends Fed's efforts

Monday - 10/1/2012, 5:46pm  ET

By The Associated Press

(AP) - BERNANKE DEFENDS POLICIES: Chairman Ben Bernanke on Monday defended bold policies adopted at the Federal Reserve's September meeting. The stimulus is needed because economy isn't growing fast enough to reduce high unemployment, Bernanke told the Economic Club of Indiana.

LOWER DEFICIT, TOO: Low rates could also help shrink the federal budget deficit by easing the government's borrowing costs and generating tax revenue from stronger growth, Bernanke argued.

WARNS CONGRESS: Bernanke cautioned Congress against adopting a law that would allow it to monitor the Fed's interest-rate discussions. He says such a step would improperly inject political pressure into the Fed's private deliberations and affect the officials' decisions.

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(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)