Federal Reserve Chairman Ben Bernanke told Congress Friday that taking on formal responsibility for supervising the broad health of the financial system would be a natural outgrowth of the central bank’s existing duties.

"Financial stability is integral to the achievement of maximum employment and price stability, the dual mandate that Congress has conferred on the Federal Reserve as its objectives in the conduct of monetary policy," he said in remarks prepared for delivery to the House Committee on Financial Services.

Congress and the Obama administration are working on restructuring financial oversight after the devastating crisis that began in the summer of 2007 and that has plunged the economy into a painful recession.

Many lawmakers and other critics question whether the Fed should gain an expanded role, as Obama has proposed, because they believe the Fed failed to spot and halt risky practices that caused the meltdown.

Bernanke said systemic risk regulation and monetary policy are complementary tasks because the Fed studies credit markets in depth to understand how its actions will affect the economy.

Taking responsibility for system-wide health would not be a dramatic enlargement of the Fed’s duties and would come alongside expanded responsibilities for other regulatory agencies, he said.