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Dudley Leaves Senators Unimpressed as Fed Scrutiny Rises

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Federal Reserve Bank of New York President William C. Dudley’s defense of his record on financial supervision is unlikely to appease lawmakers seeking to tighten their oversight of the central bank.

In a tense exchange with Senator Elizabeth Warren at a Nov. 21 hearing, Dudley rejected her assertion that there had been a “long list” of regulatory failures at the New York Fed. Warren, a Massachusetts Democrat, suggested that if Dudley doesn’t fix a “cultural problem” at the bank, “we need to get someone who will.”