I would also like to express my gratitude to President Obama for nominating me to a second term as Chairman of the Board of Governors of the Federal Reserve System and for his support for a strong and independent Federal Reserve.
Bernanke thanks Obama for his nomination and support for the Federal Reserve.
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It is possible that some of these regulations have some impact on the cost of credit, but there has been a lot of analysis that suggests that the benefits in terms of reducing the risk of a financial crisis are extremely large.
I absolutely agree with Dr. Paul that the Federal Reserve needs to be transparent and it needs to be accountable.
We haven't had the recovery we would like, but certainly, monetary policy has contributed to growth and reduction of unemployment in the last 3 years.
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