The Federal Reserve needs to keep community banks under its regulatory purview, said Chairman Ben Bernanke. He is lobbying against a bill that would restrict the Fed's regulatory power to the largest banks. State-chartered banks would be regulated by the Federal Deposit Insurance Corp. Overseeing large and small banks means the Fed can "better understand the full range of financial concerns and risks facing the country, such as the current difficult problems in commercial real estate lending and the impediments to small-business lending," Bernanke said.

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