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NEW YORK (CNNMoney.com) – Former Federal Reserve Chairman Alan Greenspan told a House committee Thursday that the nation will emerge from the current credit crisis with a "far sounder financial system."

"We are in the midst of a once-in-a century credit tsunami," Greenspan told the House Oversight and Reform Committee in prepared testimony.

Greenspan said that whatever regulatory changes are made to respond to the crisis, "they will pale in comparison to the change already evident in today's markets."