An entity to supervise systemic risks needs to be the No. 1 priority in revamping regulation of the financial system, House Financial Services Committee Chairman Barney Frank, D-Mass., said. Frank said the Federal Reserve could take on the responsibility and that a general plan could be drafted in the next few months. The Bush administration proposed the idea of a systemic-risk regulator last year, but the concept has been gaining momentum under the Obama administration.

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