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<p>Federal Reserve Chairman Ben Bernanke testifies on Capitol Hill in Washington, Wednesday, July 13, 2011, before the House Financial Services Committee where he delivered the semiannual Monetary Policy Report. (AP Photo/Carolyn Kaster)</p>

<p>Federal Reserve Chairman Ben Bernanke testifies on Capitol Hill in Washington, Wednesday, July 13, 2011, before the House Financial Services Committee where he delivered the semiannual Monetary Policy Report. (AP Photo/Carolyn Kaster)</p>

July 14, 2011

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Bernanke: We're ready to act if economy worsens
July 14, 2011 9 p.m.

Bernanke: We're ready to act if economy worsens

Central bank poised to act if necessary

WASHINGTON - Federal Reserve Chairman Ben Bernanke told lawmakers Wednesday the Fed is ready to act if the economy gets weaker. He warned them that allowing the nation to default on its debt would send "shock waves through the entire financial system."