Testifying before lawmakers Thursday, Ben Bernanke reiterated a call for the Fed to be given supervisory powers over institutions that pose a systemic risk to the financial system, and proposed that a council of regulators help monitor risk.

President Barack Obama will call Congress to a "season for action" on health care Wednesday night, urging lawmakers to set aside partisan gamesmanship in favor of drafting reform legislation, according to excerpts released by the White House.

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