Senators grill William Dudley on US bank regulation

The Federal Reserve Bank of New York has been accused of working for the Wall Street banks it regulates at a heated Senate hearing in which its president was told to fix the problems or risk being replaced.
William Dudley, president of the New York Fed, defended the regulator in testy exchanges on Friday, saying the banking system was safer with more liquidity and capital. He said the regulator was not a cop on the beat but more like a “fire warden” who makes sure “the institution is run well so it doesn’t catch on fire and burns down”.