WASHINGTON — Federal Reserve Board Chair Janet Yellen on Thursday emphasized the importance of tailoring new rules meant to curb risks by the largest banks to smaller-sized institutions.

"We are taking a fresh look at how we supervise community banks and possible ways that supervision can be smarter, more nimble, and more effective," said Yellen, in prepared remarks, at the Independent Community Bankers of America conference. "We know that a one-size-fits-all approach to supervision is often not appropriate."

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