Bernanke says big banks need tighter rules

Larger financial firms should face more onerous regulatory requirements to make sure they can withstand turbulence in economy or credit markets, Federal Reserve Chairman Ben Bernanke will say on Thursday.

In copy of his Congressional testimony obtained by Reuters on Wednesday, Bernanke said the U.S. central bank was aiming to keep international standards as consistent as possible to ensure that no big firms fall through the cracks and guarantee a level playing field.

"Federal Reserve is developing more-stringent prudential standards for large banking organizations and nonbank financial firms" designated by a council of top regulators, Bernanke said in prepared remarks that did not directly touch upon the economy or monetary policy.

[Source: Reuters, Washington, 11May11]

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