Federal Reserve Chairman Ben Bernanke says financial innovation has fallen on hard times because of the economic crisis.

In remarks prepared for a Fed community affairs research conference, Bernanke says new products like subprime mortgages and structured investment vehicles became symbols of the financial crisis. But he says innovation is needed to make the banking system more efficient and inclusive.

Bernanke says the government's challenge is to come up with regulations that will protect consumers without stifling innovation.