Bernanke Urges Overhaul From Cape Resort
3-Day Conference Held At Chatham Resort
POSTED: 4:55 pm EDT October 23,
2009
UPDATED: 6:00 pm EDT October 23,
2009
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BOSTON -- With a popular Cape Cod resort as a backdrop, Federal Reserve Chairman Ben Bernanke prodded Congress Friday to enact legislation overhauling the nation's financial regulatory system to prevent another crisis.
Bernanke Urges Overhaul From Cape Resort "Financial conditions have improved considerably," Bernanke said.Bernanke was optimistic, but he was also direct. He said Congress needs to enact more regulation, including new laws making financial firms more accountable, heavy assessments on failed companies paid by the industry, and for consumers, new rules on overdraft protection, reverse mortgages and gift cards."We at the Federal Reserve look forward to working closely with the congress as the legislative process evolves," Bernanke said.Friday's meeting was the last of a three-day conference held at Wequassett Resort and Golf Center in Chatham.Taxpayers will be relieved to know that the feds cut themselves a very good deal to stay at the exclusive resort.In season, Wequassett rooms go for $500 to nearly $3,000 a night. Even this time of year, prices start at $300. But conference attendees paid only about a third of that."We are in the off-season here and the rates are no where near what they would be compared to in peak season. It is an extreme value. We also work within their government guidelines so we can accommodate their particular needs during this particular conference," the resort's managing partner Mark Novota said.The message was clear at the conference."With the financial turmoil abating, now is the time for policy makers to take action to reduce the probability and severity of any future crisis," Bernanke said.
Bernanke Urges Overhaul From Cape Resort "Financial conditions have improved considerably," Bernanke said.Bernanke was optimistic, but he was also direct. He said Congress needs to enact more regulation, including new laws making financial firms more accountable, heavy assessments on failed companies paid by the industry, and for consumers, new rules on overdraft protection, reverse mortgages and gift cards."We at the Federal Reserve look forward to working closely with the congress as the legislative process evolves," Bernanke said.Friday's meeting was the last of a three-day conference held at Wequassett Resort and Golf Center in Chatham.Taxpayers will be relieved to know that the feds cut themselves a very good deal to stay at the exclusive resort.In season, Wequassett rooms go for $500 to nearly $3,000 a night. Even this time of year, prices start at $300. But conference attendees paid only about a third of that."We are in the off-season here and the rates are no where near what they would be compared to in peak season. It is an extreme value. We also work within their government guidelines so we can accommodate their particular needs during this particular conference," the resort's managing partner Mark Novota said.The message was clear at the conference."With the financial turmoil abating, now is the time for policy makers to take action to reduce the probability and severity of any future crisis," Bernanke said. Copyright 2010 by TheBostonChannel.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
