The Fed-Wall Street Revolving Door Must Be Shut

The Fed-Wall Street Revolving Door Must Be Shut

Recently, two prominent Republicans, Banking Chairman Richard Shelby of Alabama and House Financial Services Jeb Hensarling of Texas, stated that they plan to explore proposals that would roll back a long-standing provision that gives the president of the New York Federal Reserve an automatic position as vice chairman of a powerful committee that oversees Wall Street banks. Not surprisingly, long-time New York Fed President–and long-time Goldman Sachs executive–William Dudley has vehemently opposed criticisms that his branch of the Fed has given Wall Street banks a …

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