New York Fed Is Not "Cop On The Beat," But "Fire Warden" Says Dudley

The New York Fed views its role as one of ensuring the security of the large banks its regulates and not as a regulator charged with uncovering wrongdoing.

"I don’t think our primary purpose as supervisors is a cop on the beat,” New York Fed President William Dudley said in testimony to the Senate Banking Committee today. The testimony was attended only by Democratic senators. The New York Fed’s primary objective is “ensuring the safety and soundness of the institutions that we supervise.”
Dudley's testimony on . . .

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