Testimony - Ben Bernanke on Financial Reform

Chairman Ben S. Bernanke
Regulatory reform
Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C.
October 1, 2009

http://www.federalreserve.gov/newsevents/testimony/bernanke20091001a.htm

"...Second, an oversight council made up of the agencies involved in financial supervision and regulation should be established, with a mandate to monitor and identify emerging risks to financial stability across the entire financial system, to identify regulatory gaps, and to coordinate the agencies' responses to potential systemic risks. To further encourage a more comprehensive and holistic approach to financial oversight, all federal financial supervisors and regulators--not just the Federal Reserve--should be directed and empowered to take account of risks to the broader financial system as part of their normal oversight responsibilities..."

Stay tuned...I have more to share. Just another day in the mortgage mess!