The Washington Post is reporting that Fed Chair Ben Bernanke met with Senate Democrats. He spoke about the European debt crisis as well as the housing market here in the US. Virginia Senator Mark Warner was quoted as saying that much of the conversation entailed "the growing recognition from everyone -- economists across the board -- that there needs to be some more dramatic action in housing."
The AP is reporting that Daniel Tarullo, a fed governor is calling for the Fed to buy more Mortgage Back Securities to help lower interest rates.
Bloomberg News Editorial Board takes on bankers arguments against the Volker Rule. The Volker rule essentially stops federally insured banks from speculating on assets using their own money. The Federal Reserve recently proposed a version of the rule as part of the implementation of the Dodd-Frank financial reform legislation, which was passed in December of 2009. The rule has come under heavy criticism from the financial services industry.
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