Federal Reserve Chairman Ben Bernanke told Congress Thursday that the central bank is "well suited" to oversee colossal financial companies whose failure could endanger the entire economy.

But he was silent on the issue of the Fed losing some of its consumer protection duties, after previously criticizing the Obama administration for its plan to strip the central bank of some of those powers.

Testifying before the House Financial Services Committee, the Fed chief said only that protecting consumers from abusive practices involving mortgages, credit cards and other financial products is "vitally important."

In past appearances on Capitol Hill, Bernanke has laid out a spirited defense that the Fed should keep those powers. The administration wants to create a consumer protection agency for risky financial products.