WASHINGTON, May 7 (Xinhua) -- U.S. Federal Reserve Chairman Ben Bernanke said on Thursday that regulators must learn lessons of the current crisis and strengthen oversight of the U.S. financial system.

    "A principal lesson of the crisis is that an approach to supervision that focuses narrowly on individual institutions can miss broader problems that are building up in the system," Bernanke said in remarks delivered via satellite to a Fed conference in Chicago.

    "Increasing the effectiveness of supervision must be a top priority," said the Fed chief. "It is imperative that we apply the lessons of this experience to strengthen our regulatory system, both at the level of its overall architecture and in its daily execution."

    He noted that although reform of the current system is necessary, much can be done within the current framework.

    "The Federal Reserve has engaged in extensive introspection and review of the lessons of the crisis and is working diligently to implement what has been learned," he said.