BUSINESS

Bernanke says stress tests show banks could withstand worsening European crisis

03/21/2012 01:21 EDT | Updated 05/21/2012 05:12 EDT
WASHINGTON - U.S. Federal Reserve chairman Ben Bernanke says stress tests showed the United States' largest banks could withstand shocks from Europe, even if the debt crisis there significantly worsened.

Bernanke told the House Oversight and Government Reform Committee that the U.S. banking system remains exposed to Europe.

Still, he said the tests found that those banks could withstand a severe recession triggered by the debt crisis.

Treasury Secretary Timothy Geithner told the committee that the Obama administration will not ask Congress for more money to help debt-laden European countries.

Geithner says Europe and the International Monetary Fund have sufficient resources to deal with the crisis.