Fed chief Bernanke to speak in Richmond Thursday

Federal Reserve Chairman Ben Bernanke

By: BY CAROL HAZARD/Times-Dispatch Staff Writer | Lynchburg News and Advance
Published: April 09, 2008

The national spotlight will be on Richmond Thursday when Federal Reserve Chairman Ben Bernanke will speak to the World Affairs Council of Greater Richmond.

About 235 business representatives are expected to attend the sold-out luncheon at the University of Richmond. An overflow room for students and others also will be filled, said council President Randolph Bell, former U.S. ambassador at large.

Bernanke, who became the Fed chief in 2006, is expected to discuss the reform of financial institutions and where they are heading, Bell said.

The Fed chief may have redefined the roles and objectives of the institution he leads with recent actions to save Bear Stearns, making the Federal Reserve, in effect, a guarantor of investment banks.

Also, Bernanke recently acknowledged that the U.S. could be heading into a recession as housing, credit and financial crises continued to unwind.

The Federal Reserve has been cutting interest rates since the beginning of the year to get people and companies spending again.

Bernanke's presentation here is recognition of Richmond's importance, Bell said. "It will be made widely available via the network media. We are very proud to bring the profile of Richmond to the nation."

The World Affairs Council, a nonprofit educational institution focused on the U.S. role in the wider world, is an instrument for economic development.

Events such as the one tomorrow are uncontrolled and unfettered exchanges between the public and the speakers, Bell said. Questions are not planted nor are they aired beforehand.

All speeches at these events are given free, dependent on the public spirit and beneficence of the speakers, he said.

Individuals paid $140 to attend this event, a fundraiser; a corporate table for eight people cost $2,000. The money is used to finance council operations and educational programs. Most events are low- or no-cost.

The council's Virginia Global Business Ambassador Awards for exemplary international dealings will be presented at tomorrow's meeting.