The Bank of America Corp. (BAC) on this Tuesday unveiled a revamp of its checking-account options and services “that will help customers avoid excessive overdraft fess and better manage their finances.” Its shares are up 0.5% to $17.70.

Most of the US financial shares traded lower on Wednesday ahead of the Federal Reserve’s expected outlook on the economy and its plans for monetary policy later in the day. Federal Reserve officials are trying their best to stay out of the limelight this week out of fear that any steps they might take could be construed as tightening policy. According to the analyst point of view on Wednesday, the Financial Select Sector SPDR ETF (XLF) dipped 0.4% to $15.27. Most financial stocks on the Standard & Poor’s 500 traded lower, but American International Group’s (AIG) shares were up 1.3% to $46.38.

On the other hand in the US, two of the nation’s largest banks have eased controversial overdraft rules for customers as the financial-services industry faces criticism over charging lucrative fees to boost sagging profits in the recession. In Europe, the European Commission on Wednesday cleared asset management company BlackRock Inc. (BLK) to buy Barclays Global Investors from U.K. bank Barclays PLC (BCS). BlackRock shares climbed 4.5% to $217.60.

On the political front, the US Treasury Secretary Timothy Geithner on Wednesday defended the department’s proposal to create a Consumer Financial Protection Agency before a House of Representatives committee, saying it is needed to supervise banks as well as write rules for mortgages and credit cards.

So, these all things are clearly showing that the US is improving slightly so time is demanding some more efforts n order to support the US financial situation.

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Federal Reserve Chairman Ben Bernanke said it more emphatically that: “We are in a recovery.” The wall street journal reports that Bernanke said today that he thinks that the” recession is very likely over at this point”. He was saying from a technical standpoint, his outlook is hardly bright. The economy, he said, is likely to grow moderately in 2010, leading to little improvement in the job market. So, these all things are indicating towards a strong financial recovery and now the US economy is slightly moving towards the stability.

Bernanke also added in his speech that it’s still going to feel like a very weak economy because credit conditions remain tight and a decline in the unemployment rate will probably only happen gradually, the WSJ wrote.

If that’s the case, is the recession really over?

Technically, economists expect the gross domestic product to expand by about 3 percent this quarter, which would halt the slide. But if unemployment continues to rise, as it is likely to do, should we be defining the recession in such narrow terms?

Now, we can hope the best that this long recession has been ended which was lingering and the recovery of it will become the cause of the US financial and economical growth. President Obama and his administrations are doing their job as the best as they can. So, I am very hope full that with continues efforts President Obama will get his goal of life and lead our country on the way of success.

As we know that U.S is in the Decade’s worst financial and economical crunch and Obama is giving his 100 % to resolve all these issues. Mr. Obama is trying to shape Fed policy. He has already appointed one Fed governor, Daniel Tarullo, and has an opportunity to fill two more vacancies in the months ahead. The reappointment of Ben Bernanke is a very good decision made by the President Obama. Mr. Bernanke’s to-do list is developing rules to close big, failing financial institutions like Bear Stearns Cos. and Lehman Brothers Holdings Inc. outside of bankruptcy court. It has been nearly 18 months since the failure of Bear Stearns, and Congress hasn’t passed legislation giving the Fed and Treasury the authority they are seeking to deal with institutions other than banks that they deem too big to fail. Bernanke is doing a fantastic job so, In the two years since the onset of the global financial crisis, Mr. Bernanke’s Fed has cut short-term interest rates nearly to zero, has initiated a slew of ways to bypass banks to keep credit flowing in the economy, and is on course to purchase up to $1.25 trillion in mortgage-backed securities and $300 billion in long-term U.S. Treasury.

Mr. Geithner gave a proposal to Mr. Bernanke and he has opposed to strip the Fed of its power to oversee consumer-finance protections. Lawmakers, including Senate Banking Chairman Christopher Dodd of Connecticut, are wary of giving the Fed more power to oversee large financial institutions after some big banks, like Citigroup Inc., teetered under its oversight. Earlier this month, Mr. Geithner lashed out at other financial regulators in a private meeting for not taking a unified stance with the Treasury on overhauls. So, Ben Bernanke’s to do list is long where he has to settle down the Mortgage crisis, renomination elation, Wall Street crisis, banking sector collapse and countries other problem and we are hoping that he will be successful in the future!

In nominating Bernanke last week, When president Obama nominating the 2^nd time Mr. Ben Bernanke as the Fed chairman he was so confident that he got the right man who can save our country form the financial disaster! President Barack Obama praised the Fed chairman for his “bold action and out-of-the-box thinking,” saying it had helped avoiding a repeat of the Great Depression, because the bold actions of Bernanke, lending hundreds of billions of dollars to banks and businesses, slashing overnight interest rates to nearly zero, having the Fed almost single-handedly finance the mortgage market will have to be reversed or rolled back over the next few years. There is a possibility that if the Fed shifts too quickly from the role of savior to that of strict disciplinarian, it risks aborting the recovery and tipping the nation back into a recession, essentially repeating mistakes made in 1937 when the economy had begun to rebound. If the Fed moves too slowly, it risks the kind of intractable inflation it experienced in the 1970s and fueling another bubble.

For the first time in almost 20 years, the Fed may soon have to make unpopular decisions like the decision to raise the cost of borrowing even when the economy still feels weak. It has already decided it must at some point next year, the Fed may well need to raise interest rates possibly rapidly and sharply, given how far it cut them last year and in the process raising the cost of things like’s credit cards, mortgages and business loans. Now, its Bernanke responsibility that how well he tackles with these problems and provides the nation, best possible and positive results!

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Bernanke is already preparing to play a larger part in oversight, no matter how Congress rewrites the rules. Fed bank examiners are putting more emphasis on comparing the risks inside one large bank with those faced by other big lenders. The Obama and his administration is taking charge, the Obama plan also envisions a permanent role for Bernanke’s broadened use of the Fed as lender of last resort. The Board of Governors used emergency powers to rescue American International Group Inc., as well as markets for commercial paper, housing bonds and asset-backed securities. In the process, the Fed’s balance sheet expanded by $1.2 trillion over the past year.

“His biggest legacy for sure will be having designed and implemented a policy for dealing with an intense financial crisis,” said former Fed governor Laurence Meyer, now vice chairman of St. Louis-based Macroeconomic Advisers LLC. “Here is what is amazing: It was ad hoc, yet it looks very good.”

Bernanke’s first test on inflation will be reversing the $1.2 trillion in additional Fed credit his policies created. The challenge will be to maintain the Fed’s credibility for keeping prices stable, while avoiding a premature increase in interest rates that may snuff out an emerging recovery. The chairman devoted a section of his semiannual testimony before Congress in July to his exit strategy, saying the Fed could neutralize money in the banking system through tools such as interest on reserves, reverse repurchase agreements, or outright sales of securities. As, president Obama is expecting high from the reappointment of the Bernanke. We are hopeful that he is the man who can lift up and save our current economical conditions form the further disaster!

Watch the video “Obama Keeps Bernanke at Fed”

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