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Its all about Supervision: Ben Bernanke

elymiles

23rd May 2006

Federal Reserve Chairman Ben Bernanke said on Tuesday that the U.S. central bank had managed to achieve good practice in credit card disclosure with the supervisory tools that it already has in hand.

"We've found that through guidance and supervisory oversight, we've been able to get satisfactory practices from the banks that we supervise,"

he told the U.S. Senate Banking Committee during testimony on financial literacy.

"Providing disclosures about paying the implications of paying the (monthly credit card payment) minimum is a very important practice and we try to encourage that,"

he said.

Bernanke also said that the Fed was conducting a top to bottom review of the central bank's responsibilities under the Truth and Lending Act to decide whether supervisory guidance or regulation were needed going forward.

Source: Reuters