(Washington, DC) -- New Wall Street reforms address critical gaps and weaknesses in the financial regulatory framework.
Fed chairman Ben Bernanke delivered that message to a Senate hearing.
Bernanke said the Fed is working closely with the Obama administration to implement the sweeping new Wall Street regulations.
President Obama recently signed legislation ordering the most comprehensive reforms of the financial sector since the Great Depression.
It was a direct response to the Wall Street meltdown of 2008, which provoked a global recession.
Alabama Republican Senator Richard Shelby said the legislation is deeply flawed and warned that it may make things worse as the economy struggles to fully recover from the deep recession.
(Copyright 2010 by VERTEXNews/Newsroom Solutions)