Former Federal Reserve Chairman Ben Bernanke etched a portrait Friday of his initial reluctance to have the central bank rescue American International Group Inc. in 2008. But he ultimately came to believe the $85 billion bailout loan to the company was needed to avert a shock to the financial system.
Treasury Secretary Jacob Lew says it will be “dangerous” and “reckless” for Congress to pass an October deadline without raising the government’s borrowing limit.
Janet Yellen is now the clear front-runner to be nominated as chair of the powerful Federal Reserve and her status as President Barack Obama’s second choice, while awkward, could ultimately serve as an asset during confirmation and in the central bank’s top job.
Congress needs to raise the debt limit and take away the “cloud of uncertainty” about the nation’s ability to pay its bills, Treasury Secretary Jack Lew said in an interview broadcast Sunday.
Treasury Secretary Jacob Lew’s loopy signature is showing signs of improvement as he gets ready to affix his “Jacob Lew” to the nation’s currency.
White House chief of staff Jack Lew is President Barack Obama’s expected pick to lead the Treasury Department, with an announcement possible before the end of the week.