WASHINGTON — Though the Federal Reserve Board's reputation is built on its management of monetary policy, Chairman Ben Bernanke said Wednesday that the role of banking supervision at the central bank needs to be revisited.

"One of the key issues that's going to be debated as we look at the problem of bubbles in the future is what should be the leading approach," he told the Economic Club of New York. "Should it be monetary policy, or should it be supervision and regulatory policy? I do believe the latter does have a significant role to play in constraining excessive leverage, excessive risk taking, and the other elements that lead to bubbles."

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