Fed Reviews Bank Supervision as Senate Begins Hearings

The transcript discusses the Federal Reserve's preemptive investigations into its own supervision of major banks, addressing criticism of being too close to the firms it regulates. Bill Dudley is set to testify before the Senate, acknowledging these criticisms and defending the Fed's actions. The transcript also covers recent leaks and disclosures, including a former Fed employee leaking information to Goldman Sachs and Carmen Segarra's audiotapes revealing internal Fed discussions. The Fed is conducting an internal review to assess its regulatory practices, with Dudley warning banks about the need to change their culture.

What actions did the Federal Reserve take in response to criticism regarding its relationship with the banks it regulates?

What were the main points of Bill Dudley's testimony before the Senate Banking Subcommittee?

How did Carmen Segarra's actions contribute to the discussion about the Federal Reserve's supervision of banks?

What implications did Dudley suggest regarding the size and complexity of large banks?

What concerns were raised about the culture within banks, according to the discussion?