New York Financial Regulators Grilled By Senate Committee Over Wall Street Practices

Lawmakers criticized federal bank supervisors for going too easy on the largest banks in a Senate hearing on Friday to discuss whether bank regulators were "up to the task" of policing Wall Street. The hearing, in which legislators questioned the president of Wall Street's primary watchdog, the Federal Reserve Bank of New York, was part of the federal government's review of the reserve's supervisory process.