Support for giving the Federal Reserve new authority over major financial institutions might be waning after Fed Chairman Ben Bernanke was unable to satisfactorily answer lawmakers' questions regarding Bank of America's takeover of Merrill Lynch. "It may be more important for us to find another systemic-risk regulator," said Rep. Paul Kanjorski, D-Pa. Congress should "hesitate to put any more authority on the back of the Federal Reserve."

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