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.

Question: Is there any talk of reinstating the Glass-Steagall Act? Paul Solman: For those who can’t remember as far back as 1933, Glass-Steagall was an act of Congress passed only three months after President Roosevelt took office and…

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