Ben Bernanke Calls For Revamped Banking Oversight

WASHINGTON (AP) - Federal Reserve Chairman Ben Bernanke calls for a holistic approach to strengthening oversight of the banking system to prevent future financial crises.

In remarks prepared for delivery via satellite to a Fed conference in Chicago, Bernanke says regulators must not only sharpen their assessments of individuals banks, but also examine the financial system as a whole to detect risks that could endanger the normal flow of credit, market operations and commerce. Those are critical elements to the smooth functioning of the U.S. economy.

He didn’t divulge details on “stress tests” on the nation’s 19 large banks. Those will be released later Thursday.