The Federal Reserve deserves part — but not all — of the responsibility for lax financial services regulation that played a part in the credit crisis, a Chicago Fed official said Thursday.

"The Federal Reserve, for reasons that escape many of us, has been singled out I would say for a lot of the criticism of lax regulation," said Carl Tannenbaum, vice president of the risk specialist division for the Federal Reserve Bank of Chicago in a speech in Washington. His remarks came the same day as Fed Chairman Ben Bernanke testified at his confirmation hearings on Capitol Hill.

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