US Federal Reserve Ben Bernanke was sworn in today to a second term as he called for the bank to retain its independence and urged reforms to ensure a major financial crisis 'never again' occurs.
Bernanke was formally sworn in for a second four-year term as chairman of the Board of Governors of the Federal Reserve System after a bruising confirmation battle that ended with a 70-30 Senate vote last week approving his nomination.
In his remarks, Bernanke said the Fed must work with Congress and others to reform the financial system to avert a recurrence of the worst economic crisis in decades.
'We will continue to work with the Congress to develop an effective, comprehensive reform of financial regulation,' he said.
'As we move forward, we must continue to do all that can be done to ensure that our economy is never again devastated by a financial collapse,' he said.
But Bernanke also cautioned against reforms that would weaken the Fed's independence. 'The Federal Reserve has been granted, both in law and in political tradition, considerable independence and autonomy,' he stated.
'In the interest of maintaining public confidence and promoting economic and financial stability, we must continue to protect our independence,' he added.
