Fed's Bullard - Fed should oversee small banks

NASHVILLE, Tenn. Wed May 12, 2010 1:20pm EDT

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NASHVILLE, Tenn. May 12 (Reuters) - St. Louis Federal Reserve President James Bullard on Wednesday said the Federal Reserve should continue to supervise smaller banks.

"The Fed should remain involved with community bank regulation so that it has a view of the entire financial landscape," he said in comments prepared for delivery to a group of bankers.

In remarks similar to ones he made last week in St. Louis, Bullard said the economy is showing continued signs of recovery and that monetary policy remains "extremely accommodative."

The U.S. Senate on Wednesday approved an amendment to a sweeping Wall Street reform bill that would preserve the Federal Reserve's supervision of thousands of smaller banks, reversing an earlier plan. (Reporting by Mark Felsenthal; Editing by Andrea Ricci)

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