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Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here ^[1]. You also need to have JavaScript enabled in your browser.

press play to hear from U of I Econ Prof Chuck Whiteman

The U.S. Senate is in the process of deciding whether Federal Reserve Chairman Ben Bernanke deserves as second term. What is the Federal Reserve? What does it do? University of Iowa Economics Professor says the Fed can be best described as the “banker’s bank.” He says it’s responsible for the conduct of monetary policy and supervision of financial institutions. Whiteman says it can be thought of as “an older brother” that waits to step in when the “younger siblings gets into trouble.”

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