Sherrod Brown Criticizes Regulators Over Lax Oversight Of Major Banks, 'Business As Usual'

Huffington Post

WASHINGTON, Nov 21 (Reuters) - A top Democratic senator said on Friday he remains concerned about slack oversight of the largest U.S. banks, and that the New York Fed in particular remains too close to the institutions it regulates.

"Troubling reports suggest that it is back to business as usual at the Federal Reserve Bank of New York," Ohio Democrat Sherrod Brown said as he kicked off a hearing of the Senate Banking Committee.

Recent reports that a former New York Fed employee and current Goldman Sachs employee received confidential information from the Fed reinforced his conclusion that "regulatory capture" remained a concern, Brown said.

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Sherrod Brown Criticizes Regulators Over Lax Oversight Of Major Banks, 'Business As Usual' »