Fed Nominee Wants 'Clear' Disclosures

Federal Reserve nominee Ben Bernanke says he wants to make sure consumers receive "clear and understandable" product disclosures from financial institutions.At Mr. Bernanke's Senate confirmation hearing Nov. 15, Sen. Mel Martinez, R-Fla., said he has discussed the issue of fuller disclosures on interest-only mortgages and what he called "short-term" adjustable-rate mortgages with the Fed nominee. Sen. Martinez said Mr. Bernanke, who has been nominated to succeed Alan Greenspan as Fed chairman, believes these products need more disclosures. The Fed nominee did not have a chance to address IO and ARM disclosures or policies toward government-sponsored enterprises Tuesday morning because the hearing was adjourned until later in the day as a result of a vote on the Senate floor.