U.S. Federal Reserve Governor Daniel Tarullo has called on regulators to revamp a variety of new bank rules, including carving out exemptions for mid-sized banks. Tarullo said regulators should amend their rules to explicitly exempt community banks from the Volcker rule. He also criticized the regulatory approach of Basel III, which allows banks to judge the riskiness of their assets. Tarullo advocated instead for the stress-testing approach administered by the Fed, although he expressed concerns that Dodd-Frank's mandates are needlessly subjecting midsize, low-risk banks to those exams.