New York Fed announces review into decision making

Response to criticism of deference to big banks

US Federal Reserve

William Dudley, president of the Federal Reserve Bank of New York, announced a "system-wide" enquiry into bank supervision on the same day he endured intense questioning from a US senate committee on the regulator's "long list of supervisory failures" on November 21.

At the committee hearing, entitled 'Improving financial institution supervision: Examining and addressing regulatory capture', the Democratic senator for Massachusetts, Elizabeth Warren, said "cultural problems" afflicted the New

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