Bernanke vows to strengthen U.S. financial regulatory system

Special
Report: Global Financial Crisis

WASHINGTON, May 7 (Xinhua) -- U.S. Federal Reserve Chairman Ben Bernanke
said on Thursday that regulators must learn lessons of the current crisis and
strengthen oversight of the U.S. financial system.

"A principal lesson of the crisis is that an approach to supervision that
focuses narrowly on individual institutions can miss broader problems that are
building up in the system," Bernanke said in remarks delivered via satellite to
a Fed conference in Chicago.

"Increasing the effectiveness of supervision must be a top priority," said
the Fed chief. "It is imperative that we apply the lessons of this experience to
strengthen our regulatory system, both at the level of its overall architecture
and in its daily execution."

He noted that although reform of the current system is necessary, much can
be done within the current framework.

"The Federal Reserve has engaged in extensive introspection and review of
the lessons of the crisis and is working diligently to implement what has been
learned," he said.