We need bank regulators who work to protect the American people, not the profits of giant banks.

this is part of the reason we need a 21st century Glass-Steagall law.

Based on your responses today, the New York Fed is not there in terms of acting on the issues it identifies.

either you need to fix it, Mr. Dudley, or we need to get someone who will.

You are supposed to be supervisors.

It is bad enough when banks can capture the agencies that regulate them or the Congress, which is all too often the case.

The problems originate from the culture of the firms and this culture is largely shaped by the firms' leadership.

this shady deal was clearly intended to help Santander evade the regulations, in this case, capital standards, of the European banking authority.

I am very glad that you commissioned the Beim report in 2009, and you have discussed how seriously you took that report.

Action is about shutting down shady transactions that could imperil the safety and soundness of the bank.

The test for safety and soundness is not whether or not the activity is legal or illegal.

It helps put our system at greater risk and it increases the likelihood of regulatory capture all at the same time.