WASHINGTON — As the Senate Banking Committee mulls taking away the Federal Reserve Board's bank supervisory powers, the central bank outlined its arguments for keeping the job.

In an 11-page paper to committee members Wednesday, the Fed said its knowledge of monetary policy and consolidated supervision qualifies it to oversee financial institutions, and its current supervisory role benefits its central bank functions.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.