Bernanke urges Congress to act now on overhaul

WASHINGTON (AP) - Federal Reserve Chairman Ben Bernanke is prodding Congress to enact legislation overhauling the nation's financial regulatory system to prevent a repeat of the banking and credit debacles that had thrust the country into crisis.

The Fed chief says: "With the financial turmoil abating, now is the time for policymakers to take action to reduce the probability and serverity of any future crises."

He makes his comments in prepared remarks to a Fed conference in Chatham, Mass.