Bernanke set to broaden Fed's agenda, take on financial-system risk

08/26/2009 | Bloomberg · Wall Street Journal, The

Federal Reserve Chairman Ben Bernanke, renominated for the position by President Barack Obama, is ready to expand the Fed's mission to prevent excessive risk-taking by the financial system and become the principal defender of economic stability, analysts and policymakers said. Bernanke's actions in the economic crisis clearly established the central bank's role in restoring financial stability and "cemented that unwritten mandate," said Al Broaddus, former president of the Federal Reserve Bank of Richmond, Va. The Obama administration wants the Fed to step in and impose standards of risk management, capital and liquidity on major financial firms.

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Bloomberg · Wall Street Journal, The

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