In remarks on Wednesday to the House Committee on Financial Services in Washington, Ben Bernanke, chairman of the Federal Reserve, defended the central bank's record during the crisis and struck out against plans to shrink its authority as Congress considers the largest overhaul of financial regulation since the 1930s.

In his statement, Bernanke offered his case for the Fed to maintain its regulatory and supervisory power, citing among other things its large expertise in the area of supervision