New York Times: New York Fed Is Criticized on Oversight

NOV 21, 2014

The government agency that watches over Wall Street came in for repeated rounds of criticism on Friday at a Senate hearing into its regulatory track record.

Many of the senators at the hearing were expected to be critical of the Federal Reserve Bank of New York, after recent reports cast doubt on the agency's ability to rein in large banks.

William C. Dudley, the president of the New York Fed, defended the agency, but Senator Elizabeth Warren, Democrat of Massachusetts, at one point told him, "You need to fix it, Mr. Dudley, or we need to get someone who will."

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