Federal Reserve Chairman Ben Bernanke is in El Paso, Texas, today to hold a town hall meeting with military families at Fort Bliss. They discussed financial literacy.
When asked by an audience member about Ron Paul’s recent comment on "getting rid” of the Fed, Bernanke said that it's not a realistic proposal. "I’m first to admit Fed isn’t perfect but there’s no country without a central bank."
Bernanke also touched on the Fed's plans for the economy, "I’m not aware of any near term plans to downgrade U.S. debt." Then added, "The underlying point is we are not on a fiscally sustainable path [and] it’s very important that we take measures to establish a stable financial path."
The location was chosen because Fort Bliss has a strong financial literacy program that the Fed wants to spotlight. Bernanke has held a handful of public outreach efforts throughout the country.