The Obama administration and U.S. lawmakers are missing an opportunity to revamp the U.S. housing finance system, which should be central to regulatory reform, a top Federal Reserve official said in an interview on Monday. "Fixing the U.S. housing market should be one of the main focuses of regulatory reform legislation, and instead we are kicking the can," St. Louis Federal Reserve Bank President James Bullard told Reuters. "That is the wrong approach to regulatory reform. It should be a key pillar," he said. How to "fix the situation in the mortgage markets ... is an issue that the nation has not faced up to."