Bernanke stresses benefits of innovation

Ben Bernanke, the chairman of the Federal Reserve, has urged lawmakers to beware of regulating to prevent financial innovation, though he acknowledged that new products had to be transparent and understandable.

Bernanke acknowledged that the crisis had underlined some of the dangers of innovation, but noted that change had done much to improve the lot of consumers and businesses.

"I don't think anyone wants to go back to the 1970s. Financial innovation has improved access to credit, reduced

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