In an effort to avert future financial crises, Federal Reserve Chairman Ben Bernanke said Friday the Fed and the Federal Deposit Insurance Corp. are working together to implement a new regime for "resolving" insolvencies among the largest banks.

Bernanke, in remarks prepared for delivery to an International Monetary Fund conference in Washington, said it is critical to rein in the "moral hazard" of excessive risk-taking by "systemically important financial institutions," or SIFIs, and thereby make financial crises "less likely" and "less costly."

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