by Calculated Risk on 7/08/2008 09:16:00 AM

Fed Chairman Bernanke spoke today on Financial Regulation and Financial Stability

From Bloomberg: Bernanke Says Fed May Extend Wall Street Lending Access to 2009

The Federal Reserve may extend securities dealers' access to direct loans from the central bank into 2009 as long as emergency conditions ``continue to prevail,'' Chairman Ben S. Bernanke said.
...
Bernanke also endorsed proposals to set up a federal liquidation process for a failing investment bank. The Treasury should ``take a leading role in any such process, in consultation with the firm's regulator and other authorities,'' he said.

In general Bernanke argued the Fed needs more authority to provide proper oversight for the financial system.