The Federal Reserve has been scrutinized for its role in the financial crisis, but the central bank's Daniel Tarullo is emerging from the situation as one of the most influential regulators in the country. Tarullo was President Barack Obama's first appointment to the Fed's Board of Governors. Tarullo said an overhaul of the regulatory system could help prevent future crises. "I would characterize my aspiration as follows," Tarullo said. "That the regulatory and supervisory reforms we undertake will significantly reduce the incidence and severity of financial crises."

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