Federal Reserve Board Chairman Ben Bernanke said regulators have made progress over the last year, but more reforms need to be made in order to keep the financial system safe.

"Certainly the system is safer and one indication of that is the amount of capital that large banks hold," said Bernanke in his last press conference as chairman.

Over the last 12 months, regulators have tried to speed up the rulemaking process required under the Dodd-Frank Act, but more remains to be completed before the regulatory reform effort can be completely finalized.

"We are not done," said Bernanke during the press conference, which followed a two-day Federal Open Market Committee meeting. "We have still some important rules to complete."

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