Bernanke Calls for Consolidated Supervision of Banks

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Testifying before the House Committee on Financial Service, Federal Reserve Chairman Ben Bernanke called for the consolidated supervision of investment banks and the creation of a tool to liquidate failed financial firms.

Bernanke also advocated that the Federal Reserve should have authority over payment systems.

Bernanke commented that the Federal Reserve's ultimate goal is to reduce the need for government intervention.

By Steve Stecyk and edited by Cristina Markham
©CEP News Ltd. 2008

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Bernanke Calls for Consolidated Supervision of Banks

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