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"Economic recovery, like economic development, is a bottom-up as well as a top-down process," Bernanke said in a speech to a financial literacy summit.

Bernanke didn't discuss the economic outlook and he also didn't discuss the financial regulatory overhaul proposal the Obama administration is set to publicly roll out later Wednesday. Under the plan, the Federal Reserve would emerge as a more powerful regulator charged with monitoring the U.S. financial system for potential threats.