WASHINGTON - Federal Reserve Board Governor Edward W. Kelley Jr. has assumed chairmanship of the Fed's banking supervision and regulation committee.

He replaces John P. LaWare, who retired from the board April 30. The banking supervision and regulation committee handles most regulatory proposals, with the exception of the Community Reinvestment Act and other consumer laws.

Mr. Kelley, who was a member of the committee, retains his chairmanship of the Federal Reserve Bank activities committee, which oversees the individual Fed banks.

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