Below are highlights from the question and answer session of a House Financial Services Committee hearing on Wednesday with Federal Reserve Chairman Ben Bernanke testifying on monetary policy and the U.S. economy.

BERNANKE ON FISCAL POLICY:

"I think that fiscal policy is focusing a bit too much on the short run and not enough on the long run. ... My suggestion to Congress is to consider possibilities that involved somewhat less restraint in the near term, and more action to make sure that we are in a sustainable path in the long run."

(Washington newsroom)