The Fed's Response to the Financial Stability Report

Dudley: The Fed Reserve has some culpability here, both in terms of the monetary policy policies that they pursued over the last few years and also on the supervisory side. I think it's a much broader issue about supervisors finding problems with banks and then not forcing the banks to remedy those problems in a timely way. Dudley: They want Mary Daly's head. There's no other way to put it nicely. Do you go after the president of any given regional Fed when there's a major blowup like this?