The fiscal crisis and the events that caused it show weakness in public sector oversight of the financial system, according to Federal Reserve Board chairman Ben S. Bernanke.

“The events of the past two years have revealed weaknesses in both private-sector risk management and in the public sector’s oversight of the financial system,” Bernanke said at the Federal Reserve Bank of Chicago Conference on Bank Structure and Competition yesterday, according to prepared text of his speech released by the Fed.

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