Washington Strips New York Fed’s Power

Secret ‘Triangle Document’ gives control of big-bank regulation to committee

By

Jon Hilsenrath

March 4, 2015 10:30 p.m. ET

WASHINGTON—The Federal Reserve Bank of New York, once the most feared banking regulator on Wall Street, has lost power in a behind-the-scenes reorganization at the nation’s central bank.
The Fed’s center of regulatory authority is now a little-known committee run by Fed governor Daniel Tarullo, which is calling the shots in oversight of banking titans such as Goldman Sachs Group Inc. and Citigroup Inc.
The new structure was...