Santomero - Govt must actively regulate markets

CZECH REPUBLIC - The lack of transparency in the financial system means that the government must retain a key role in regulating that system, Federal Reserve Bank of Philadelphia president Anthony Santomero said Wednesday.

"I believe that prudent regulation by government is essential to the integrity of the financial sector," Santomero said in remarks prepared for delivery at the European Banking and Financial Forum in Prague. Given the difficulty of disseminating information and the motivatio