Federal Reserve Chairman Ben Bernanke appeared before the Senate Banking Committeeto give his semi-annual monetary policy testimony on Thursday. 

Sen. Daniel Akaka, a member of the committee, asked Bernanke about economic setbacks that concern Bernanke the most. Bernanke responded that there is a discrepancy between economic improvements and the speed of the recovery. 

“You’ve still got consumption spending growing relatively weakly,” Bernanke said. 

Bernanke said that true economic recovery will require increased spending and decreased unemployment. He also pointed to a possible crash in the Euro Zone as a real concern, as well as worries about the housing market and fiscal policy. 

“There are a number of different things,” Bernanke said. “But overall there has been some good news, and of course that’s welcomed.”

Akaka also asked questions about how to promote economic recovery while still encouraging “responsible consumer behavior.” Average credit card debt in Hawaii is the second highest in the nation, Akaka said. 

“Demand comes from places other than consumer spending,” Bernanke said, pointing to increased exports and capital investments as examples. 

Akaka also planned to submit written questions to Bernanke. According to a spokesman for the senator, those questions pertained to investments in workforce skills, how interest rates affect savers, and the pace of recovery in the housing market.  

C-SPAN screenshot of Bernanke answering questions in the March 1 hearing