WASHINGTON — Senate Democrats hammered William Dudley, president of the Federal Reserve Bank of New York, at a highly anticipated hearing Friday on regulatory "capture" at the banking agencies.

Sen. Sherrod Brown, D-Ohio, chair of the Banking Committee's subcommittee on financial institutions and consumer credit, organized the hearing after an influential report released earlier this fall raised concerns that Fed examiners are too deferential to the banks they oversee.

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