Chairman Ben Bernanke offered a sharp defense Monday of the Federal Reserve’s bold policies to stimulate the weak economy, while cautioning Congress to respect its private discussions.
Republican Mitt Romney is trying to shift the focus of the presidential campaign away from anti-American violence overseas and back to the economy, accusing President Barack Obama of ignoring Chinese trade violations and pointing to a new Federal Reserve effort to bolster the economy as evidence of Obama’s weak policies.
On Monday, the Treasury Department sold 553,846,153 shares in AIG on Monday, turning an $18 billion profit on the $32.50 a share price.
The number of people seeking U.S. unemployment benefits plunged last week to the lowest level in four years.
The Federal Reserve has for the first time given approval for a large Chinese bank to purchase a U.S. bank. It also gave approval to two other large Chinese banks to expand their operations in the United States.