WASHINGTON — Federal Reserve Board Chairman Ben Bernanke said Thursday community banks would be spared some of the tougher requirements laid out in the so-called Basel III accord.

"It's not a one-size fits all," said Bernanke on a set of proposed rules to implement Basel III in the U.S., speaking to reporters following a two-day Federal Open Market Committee meeting. "Indeed, many of the most difficult, complex regulations apply only to the largest and most complex institutions."

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