WASHINGTON - Securities and Exchange Commission chairman Mary Schapiro said Friday that she favors the creation of a council of existing regulators to oversee risk in the financial markets, rather than granting that authority to a single regulator.

Speaking at the Investment Company Institute's annual membership meeting here, Schapiro said she is "inclined toward" the regulatory reform structure floated earlier in the week by Federal Deposit Insurance Corp. chairman Sheila Bair.

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