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WASHINGTON (AP) - The current market-based system is the best way to regulate the trillion-dollar hedge fund industry although improvements can be made, Federal Reserve Chairman Ben Bernanke said Wednesday.
Bernanke, speaking to a conference on global economics in New York City, said the current system is superior to increased government regulation. That view is at odds with critics who say large failures in recent years highlight the need for greater supervision.
"Thus far, the market-based approach to the regulation of hedge funds seems to have worked well, although many improvements can be made," Bernanke said in remarks to a global economic conference sponsored by the New York University law school.
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