Senate panel scrutinizes powerful consultants

04/10/2013 | New York Times (tiered subscription model), The

The Senate banking committee is set to look at whether regulators improperly outsource oversight to politically well-connected consultants, such as Promontory Financial Group, that also accept fees from banks. Of Promontory's approximately 170 senior executives, almost two-thirds once worked for a financial regulator. The firm is viewed by some as a shadow regulator.

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