Bernanke, Paulson ask for more powers

Treasury Secretary Henry Paulson and U.S. Federal Reserve Board Chairman Ben Bernanke testify before the House Financial Services Committee on July 10, 2008.

TEXT OF STORY

Kai Ryssdal: Truly, Henry Paulson and Ben Bernanke couldn't have planned it better if they'd tried, because just as all those rumors were starting to pick up steam this morning, the Treasury Secretary and the Chairman of the Federal Reserve Bank of the United States found themselves in front of the microphones testifying before the House Financial Services Committee.

And they were saying basically the same thing: Unless you want another Bear Stearns, we need more rules to help control the markets -- and we need 'em fast.

Ben Bernanke: The broader reforms that I believe are necessary are obviously the purview of Congress and we hope that you'll be addressing those issues in a timely way.

Spencer Bachus: Secretary Paulson?

Henry Paulson: I agree very much with what the chairman has said.

About the author

Kai Ryssdal is the host and senior editor of Marketplace, the most widely heard program on business and the economy in the country.

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