Hearing to address lax bank regulations after ProPublica story reveals secret recordings

The Bay State Banner

A U.S. Senate subcommittee will hold a hearing Nov. 21 on issues of regulatory capture following stories by ProPublica and This American Life about secret recordings made by an examiner at the Federal Reserve Bank of New York.

Sen. Tim Johnson, D-S.D., chairman of the Senate Committee on Banking, Housing and Urban Affairs and Sen. Sherrod Brown, D-Ohio, who chairs the panel’s Financial Institutions and Consumer Protection subcommittee, announced the hearing in October.

Witnesses have not been named. In a statement, Johnson said the ProPublica and This American Life reports “are troubling because they raise new questions about regulators being captured by the financial institutions they regulate.”

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Hearing to address lax bank regulations after ProPublica story reveals secret recordings »