NEW YORK — Federal Reserve Bank of Dallas President Thomas Hoenig argued Thursday against stripping the central bank of its bank-oversight role and said it was especially important for the Fed to continue to watch over smaller banks.

"The strong opposition to removing the Federal Reserve from regional and community bank supervision, voiced by myself and others from the Federal Reserve, is not driven by the idea of simply protecting our 'turf' or saving Federal Reserve jobs," Hoenig said.

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