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March 10th, 2009

Financial Regulations Need an Overhaul, Bernanke says

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Written by: The Iowa Republican

Ben BernankeThe Federal Reserve chairman, Ben S. Bernanke, on Tuesday called for a broad reworking of how the government regulates the financial system to prevent future financial meltdowns.

In a speech before the Council on Foreign Relations in Washington, Mr. Bernanke said the financial system needed to be regulated “as a whole, in a holistic way” and that stricter oversight of banks would not be enough to guard against future crises.

“Strong and effective regulation and supervision of banking institutions, although necessary for reducing systemic risk, are not sufficient by themselves to achieve this aim,” Mr. Bernanke said.

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