{"database": "press", "table": "releases", "rows": [["https://www.merkley.senate.gov/news/in-the-news/lawmakers-lambaste-new-york-fed-chief-on-lax-oversight", "Lawmakers Lambaste New York Fed Chief on Lax Oversight", "2014-11-21", "2014", "2014-11", "Democrat", "House", "OR", "Jeff Merkley", "M001176", "www.merkley.senate.gov", null, null, "legacy", "Lawmakers Lambaste New York Fed Chief on Lax Oversight \r\n\r\n     Dudley Defends Regulator, as Democrats Accuse Officials of Kowtowing to Big Banks \r\n\r\n\r\n\r\nFriday, November 21, 2014\r\n\r\n\t\n\r\n\r\n\r\n  \r\n    By:\u00a0\r\n    Ryan Tracy\r\n\r\n\r\n\r\n\r\n\r\n    \r\n    \r\n    The Wall Street Journal\r\n    \r\n    \r\n\r\nWASHINGTON\u2014The head of the Federal Reserve Bank of New York defended the regulator\u2019s oversight of large financial firms amid tough questioning from Senate Democrats, who accused the Fed of kowtowing to the biggest banks.\r\nWilliam Dudley\u00a0, the New York Fed\u2019s president appearing at a Senate hearing, denied his institution has serious cultural problems but said it could always improve on how it oversees big Wall Street banks.\r\n\u201cThe Federal Reserve has made significant changes to the substance and process of supervision,\u201d Mr. Dudley told the Senate Banking Committee. \u201cAs a result, the financial system is unquestionably much stronger and more stable now than it was five years ago.\u201d\r\nThe hearing came amid criticism of the Fed\u2019s oversight in the wake of the 2008 financial crisis. In September, a former New York Fed examiner said her desire to stand up toGoldman Sachs Group\u00a0Inc. was suppressed by supervisors. In October, the Fed\u2019s inspector general said the New York Fed missed an opportunity to ferret out risk-taking in\u00a0J.P. Morgan Chase\u00a0& Co.\u2019s chief investment office before it lost about $6 billion in the \u201cLondon whale\u201d trading debacle.\r\n\u201cWe\u2019re not seeing anything close to a rigorous accountability for conflicts of interest and failures of oversight,\u201d said Sen. Jeff Merkley (D., Ore.).\r\nMr. Dudley pushed back against that assessment, saying the New York Fed hadn\u2019t failed in its oversight duties. He also addressed a series of recordings made by the former Fed employee that painted the Fed as a lax regulator, saying he disagreed.\r\n\u201cI don\u2019t accept the characterization that those tapes show the Federal Reserve is not working correctly,\u201d Mr. Dudley said. \u201cWe didn\u2019t repress [the issues in the tapes]. We didn\u2019t table them. We investigated those issues.\u201d\r\nMr. Dudley\u2019s comments did little to appease Senate Democrats, who at times expressed incredulity at his responses. In particular, Sen. Elizabeth Warren (D., Mass.) lashed out at Mr. Dudley over lax oversight, at one point suggesting Mr. Dudley should be replaced if the New York Fed doesn\u2019t improve.\r\n\u201cEither you need to fix it, Mr. Dudley, or we need to get someone who will,\u201d she said.\r\nNo Republican senators attended the hearing.\r\nSen. Warren, along with Sen. Sherrod Brown (D., Ohio), and others questioned the New York Fed\u2019s independence, pressing Mr. Dudley to explain why the New York Fed didn\u2019t stop certain risky behavior, including the missed opportunity over the \u201cLondon whale.\u201d\r\nAn internal Fed recommendation to examine the J.P. Morgan office involved in the trades \u201cwas not a recommendation that came up to me to my approval,\u201d Mr. Dudley said. He said staffing was overstretched in 2009, when the recommendation was made, and that the bank had enough loss-absorbing capital to weather the episode.\r\n\u2014Victoria McGrane contributed to this article.\r\n\r\n \r\n           \r\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\tPrint\n\t\t\n\t\t\n\t\t\t\n\t\t\tEmail\n\t\t\n\t\t\n\t\t\t\n\t\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\t\n\t\t\t\t  \n\t\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\tTweet", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.merkley.senate.gov/news/in-the-news/lawmakers-lambaste-new-york-fed-chief-on-lax-oversight"], "units": {}, "query_ms": 1.4721131883561611, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}