WASHINGTON — Federal Reserve Board Chair Janet Yellen on Wednesday defended policies related to commercial banks in the face of GOP criticism while also pinpointing areas where the Fed is open to regulatory easing.

In the home stretch of her term, which expires in February, Yellen for the first time sounded open to changes in the "supplementary leverage ratio," took issue with claims that the Fed's paying banks interest on excess reserves had constrained lending, and touted the central bank's efforts to reduce community banks' regulatory burden.

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