Jack Reed actually said...

"Your Class B directors are essentially chosen by the banks, and that is not lost on anyone."

"I think it goes to the very essence of what we are talking about here today and what I commend you for trying to change, which is the culture of the Federal Reserve Bank of New York."

"I just do not think that makes sense."

"Improvements in the supervisory framework will lead to better outcomes only if day-to-day supervision is well executed, with risks identified early and promptly remediated."