{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='4:3 US Federal Reserve Chairman Bernanke on interest rates' data-url='/boclips/videos/5c54bfa4d8eafeecae144ba9' data-video-url='/boclips/videos/5c54bfa4d8eafeecae144ba9' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\n4:3 US Federal Reserve Chairman Bernanke on interest rates\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide of Senate Banking Committee hearing chamber2. Profile shot of Ben Bernanke, Federal Reserve Chairman and other government financial chiefs3. SOUNDBITE: (English) Ben Bernanke, US Federal Reserve Chairman:\"Using the debt limit as...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of Senate Banking Committee hearing chamber\u003cbr/\u003e2. Profile shot of Ben Bernanke, Federal Reserve Chairman and other government financial chiefs\u003cbr/\u003e3. SOUNDBITE: (English) Ben Bernanke, US Federal Reserve Chairman:\u003cbr/\u003e\"Using the debt limit as a bargaining chip is quite risky. We don't know exactly what would happen if the debt limit was not approved. There are certainly significant operational problems, legal problems associated with making sure that the debt is paid. Even if the debt is paid, there's the issue of market confidence and how the market will respond to the risk of default or even the default on non debt obligations. So, I think it's a risky, risky approach.\"\u003cbr/\u003e4. Cutaway of Bernanke testifying\u003cbr/\u003e5. Cutaway of Senator talking with staff member\u003cbr/\u003e6. SOUNDBITE: (English) Ben Bernanke, US Federal Reserve Chairman:\u003cbr/\u003e\"Again the costs would be an increase in interest rates which would actually worsen our deficit and would hurt all borrowers in the economy, including mortgage borrowers and the like. The worst outcome would be one in which the financial system was again destabilised as we saw following a Lehman (Bros. bank collapse) , for example, which, of course, would have extremely dire consequences.\"\u003cbr/\u003e7. Wide of committee hearing chamber\u003cbr/\u003eUnited States Federal Reserve Chairman Ben Bernanke said he would unveil new regulations this summer that would protect the US economy from another meltdown of the nation's largest banks and financial companies.\u003cbr/\u003eBernanke was speaking to Congress in Washington on Thursday about efforts to implement the biggest overhaul of the US financial rules since the Great Depression.\u003cbr/\u003eCongress directed the Federal Reserve to write the rules when it passed last year's financial regulatory overhaul. \u003cbr/\u003eThe law aims to prevent another financial crisis like the one in 2008 that plunged the economy deeper into recession.\u003cbr/\u003eOn another issue, Bernanke urged Congress to raise the 14.3 (tr) trillion US dollar limit on the United States' borrowing authority.\u003cbr/\u003e\"Using the debt limit as a bargaining chip is quite risky,\" Bernanke said.\u003cbr/\u003eRepublicans in Congress want cuts in federal spending in exchange for any increase in the government's borrowing authority. \u003cbr/\u003eFailing to raise the limit would cause interest rates on mortgages and other consumer loans to rise, rattle financial markets and hurt the economy, he said. \u003cbr/\u003eOn the international front, Bernanke said regulators in the United States and other countries were trying to make sure that big banks and other major financial companies were regulated in a consistent manner. \u003cbr/\u003eThat's important to maintaining \"a level international playing field,\" Bernanke said.\u003cbr/\u003eRegulators are scrambling to implement hundreds of new rules, many required to be completed before the law's first anniversary on July 21.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid 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