Fed swaps don’t expose US to losses-lawmaker

WASHINGTON, May 11 (BestGrowthStock) – Federal Reserve Chairman Ben
Bernanke persuaded most U.S. senators at a meeting on Tuesday
that currency swaps with other central banks protect the United
States from financial contagion and do not expose it to losses,
a senior lawmaker said.

“Basically I’m satisfied, I think most of the members were,
there, on the chairman’s answers that we are well protected,”
Senate Banking Committee Chairman Christopher Dodd told
reporters at the Capitol.

Dodd said the Fed’s actions were necessary to help prevent
the Greek debt crisis from spreading.

“At this juncture the only thing you can say about this
thing was that it was needed and it was positive,” Dodd said.

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Fed swaps don’t expose US to losses-lawmaker