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Fed Is Moving Ahead on Financial Revamp: Bernanke

Federal Reserve Chairman Ben Bernanke says the central bank is working closely with other regulators to implement the biggest overhaul of the nation's financial rules since the 1930s.

Senate Committee on Banking Housing and Urban Affairs hearing during which Federal Reserve Board Chairman Ben Bernanke delivers second semi-annual report on monetary policy.
CNBC
Senate Committee on Banking Housing and Urban Affairs hearing during which Federal Reserve Board Chairman Ben Bernanke delivers second semi-annual report on monetary policy.

The law enacted last year aims to protect the country from another financial crisis like the one that hit in 2008 and plunged the economy into a deep recession.

The Fed chief testified at a Senate Banking Committee hearing Thursday that work is under way to set up a government agency housed within the Fed for protecting consumers from abusive financial practices.

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