Daniel Tarullo, a Fed Regulator Who Actually Regulates
Federal Reserve Governor Tarullo has a big say in banks’ decisions
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Not long after President Barack Obama picked Daniel Tarullo for a seat on the Federal Reserve Board, the Fed official sat down for the standard briefing with the staff, and promptly turned the tables on them.
Tarullo told them they had made mistakes in supervision, and he wouldn’t defend their past actions. Later, Tarullo told Alabama’s Richard Shelby, the leading Republican on the Senate Banking Committee, that he endorsed Shelby’s view that regulators had fallen down on the job and said it was time to “reshape” regulation.