Ben S Bernanke: Acquisition of Merrill Lynch by Bank of America Testimony by Mr Ben S Bernanke, Chairman of the Board of Governors of the US Federal Reserve System, before the Committee on Oversight and Government Reform, US House of Representatives, Washington DC, 25 June 2009.
The Bank will continue to offer firm support to the economy by maintaining accommodative monetary conditions. Some might question why the Bank should terminate the quantitative easing policy if the policy effects are equivalent to those of an interest rate policy targeting a short-term interest rate of zero percent.