'Washington Strips New York Fed’s Power'

I wasn't aware of this, apparently for good reason:

Washington Strips New York Fed’s Power, by Jon Hilsenrath, WSJ: The Federal Reserve Bank of New York, once the most feared banking regulator on Wall Street, has lost power... 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 enshrined in a previously undisclosed paper written in 2010 known as the Triangle Document. ... The power shift, initiated after the financial crisis and slowly put in place over the past five years, is more than a bureaucratic change. ...

During internal debates on a range of issues ... New York Fed examiners have been challenged by Washington. At times they have been shut out of policy meetings and even openly disparaged by Mr. Tarullo for failing to stem problems at banks...

The Fed undertook the reorganization with little disclosure about what was taking place...

Officials in Washington say centralizing regulatory authority in D.C. gives the Fed a broader view of risks across the whole system and a more evenhanded oversight approach. ...