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U.S. Banks Would Survive Severe Recession

Washington – President of the Federal Reserve, Ben Bernanke, said yesterday that the stress tests showed that the largest U.S. banks can withstand shocks from Europe. Bernanke told a committee of the House of Representatives that the U.S. banking system remained exposed to the problems of Europe.

However, he added that the tests showed that these banks would be able to withstand a severe recession triggered by the debt crisis. Timothy Geithner, himself, told the committee that the Obama administration would not ask Congress for more money to help the european countries crippled by debt.

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