Fed's moves bring praise, new scrutiny (AP)

Courtesy Ytop stories  Sat, 03/22/2008 - 9:31am

President Bush names his top economic adviser, Ben Bernanke, right, to become the new chairman of the Federal Reserve Board, replacing Alan Greenspan, left, in the Oval Office at the White House in Washington in this Oct. 24, 2005 file photo.<br /><br />The Fed has taken its boldest action since the Great Depression, invoking rarely used legal powers in efforts to contain financial panic undermining the U.S. economy.<br /><br />And it acted with a speed that the White House and Congress could only envy. Fed officials have long claimed they had only a limited arsenal of instruments to prop up the economy.<br /><br />But Bernanke, in the first critical test of his leadership since he took over from Alan Greenspan in February 2006, may have proved otherwise.<br /><br />(AP Photo/J. Scott Applewhite, File)AP - The Federal Reserve has taken its boldest action since the Great Depression, invoking rarely used powers in an effort to contain a panic threatening to undermine the economy.

The central bank acted with speed the White House and Congress only could envy.



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