Bernanke: Fed will protect U.S. economy from Europe

[No Elephants]

Source: cnn

Bernanke: Fed will protect U.S. economy from Europe

By Annalyn Censky @CNNMoney February 2, 2012: 1:21 PM ET

NEW YORK (CNNMoney) -- The recovery remains "frustrating slow" in the United States, and now Europe's debt crisis is posing additional challenges, Federal Reserve Chairman Ben Bernanke told Congress Thursday.

"Risks remain that developments in Europe or elsewhere may unfold unfavorably and could worsen economic prospects here at home," Bernanke told the House Budget Committee.

But he also assured lawmakers that the Fed is doing everything in its power to prevent an economic slowdown in the U.S.

"We are in frequent contact with European authorities, and we will continue to monitor the situation closely and take every available step to protect the U.S. financial system and the economy," Bernanke said.

Read more: http://money.cnn.com/2012/02/02/news/economy/bernanke_congress_europe/index.htm?hpt=hp_t3