Bernanke Likely to Face Questions on Jobless Recovery

[mserve id=”Central_Bank_FED_Bernanke.jpg” align=”left” width=”400″ caption=”Fed Chairman Ben Bernanke” alt=”US Federal Reserve Chairman Ben Bermanke Fed” title=”Fed Chairman Ben Bernanke”]

Federal Reserve Chairman Ben S. Bernanke, in two days of congressional testimony beginning today, will probably face questions on how he plans to end the worst jobs slump since the Great Depression.

Unemployment “will be a big topic” when the Fed chief faces the Senate Banking Committee, Senator Bob Menendez, a New Jersey Democrat and a panel member, said in an interview. “How do we help small- and mid-sized businesses, because they’re the ones who are going to create the jobs? What is he going to do and the Federal Reserve going to do to help grow this economy?”

Democratic leaders are pushing legislation to stimulate the job market amid concerns that unemployment will translate into losses in November elections. The Senate is scheduled to vote today on a $15 billion bill that provides a payroll tax holiday for hiring workers who have been jobless for at least 60 days.

Bernanke will deliver his semi-annual monetary policy report before the House Financial Services Committee at about 10 a.m. today. He plans to testify before the Senate Banking Committee tomorrow.

Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza