Lately, a debate has erupted among Congress, bankers and the media about whether the Federal Reserve Bank of New York has accumulated too much power since the financial crisis and needs to be reined in. Outgoing Dallas Fed President Richard Fisher has suggested the New York Fed be stripped of its authority over many of the largest banks because it is seen as too cozy with them. San Francisco Fed President John Williams has said he doesn’t believe there needs to be any changes. In Congress, interest in reform is coming from both sides of the aisle. Alabama Republican Sen. Richard Shelby, the new chairman of the Senate ... (full story)