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Bernanke embraced provisions contained in both the Senate- and House-passed financial overhaul measures that would create a council of regulators
-- which includes the Fed -- to police for risky practices that could endanger the financial system. Concentrating all such powers within a single agency, he said, could create "regulatory blind spots." The council, however, shouldn't be involved in rule-writing and supervision, Bernanke said. Those functions should stay at the relevant regulatory agencies, with the council acting in a "coordinating role," he said. Bernanke also welcomed provisions in the House and Senate bills that would allow for the safe dismantling of a big financial firm, whose failure could put the economy in jeopardy. The mechanism is similar to how the Federal Deposit Insurance Corp. shutters failing banks.
[Associated
Press;
Copyright 2010 The Associated Press. All rights reserved. This
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