* Will not comment on results of U.S. bank stress tests

* Says bank is strongly capitalized

* Shareholders reject proposal for independent chairman

By Braden Reddall

SAN FRANCISCO, April 28 (Reuters) - Wells Fargo & Co (WFC.N: Quote, Profile, Research) said it is strongly capitalized despite speculation it may need more funds following completion of the Federal Reserve's stress tests of major U.S. banks.

Executives at the No. 4 U.S. bank, one of 19 large lenders undergoing government "stress tests" to gauge their ability to weather a deep recession, would not talk about the Fed's findings, which could be unveiled as soon as next week.

Chief Executive John Stumpf backed moves on Tuesday by regulators to tighten supervision over the world's largest financial services industry to avoid systemic risk, saying any company that "plays" in that sector should be subject to supervision.

"If you come into the pool, everybody has to be wearing a swimsuit," Stump told shareholders at an annual meeting when asked about government efforts to step up surveillance in the embattled financial services arena.

Stumpf's comments set him slightly apart from some of his peers, including Bank of New York Mellon Corp (BK.N: Quote, Profile, Research) CEO Robert Kelly, who said on Monday there were too many regulators watching over U.S. companies. [ID:nN27445178]