WASHINGTON — The Federal Reserve's role as a financial supervisor is just as important as its monetary policy duties, Vice Chair Janet Yellen said Thursday during her nomination hearing before the Senate Banking Committee.

"I absolutely believe that our supervisory responsibilities are critical, and they're just as important as monetary policy," Yellen said, responding to questioning from Senator Elizabeth Warren about regulations, "and we need to take them just as seriously and devote just as much time and attention to them as we do to monetary policy."

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