Ben Bernanke, the chairman of the Federal Reserve, admitted on Thursday that the Fed had faltered as a regulator, but said central banking and regulation were complementary functions that should be kept under the same organisation.
Bernanke made the case for a Fed role in banking supervision in a letter to Chris Dodd and Richard Shelby, the chairman and senior member respectively of the US Senate's committee on banking, housing and urban affairs. In November, Dodd unveiled a bill which sought to
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