Ashton Says Fed Doesn’t Cede Regulatory Duties to Consultants

The Federal Reserve’s use of consultants isn’t a delegation of regulatory authority, according to testimony from Richard Ashton, the Fed’s deputy general counsel.

“The Federal Reserve does not cede its regulatory responsibilities or judgment to those consultants,” Ashton said in testimony for a hearing tomorrow on independent consultants held by the Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protection.