Banking/Financial Institutions

Banking/Financial Institutions

Fed nominee defends Citigroup tenure

It is “natural” to be concerned about outsized political influence by large financial institutions, according to a top nominee to join the Federal Reserve.

Stanley Fischer, tapped by the president to serve as the Fed’s vice chairman, told members of the Senate Banking Committee Thursday that it obviously would be a concern if a handful of big banks or a single institution gained a disproportionate amount of say in the federal government. But at the same time, he said, Congress should not fret about the time he spent at Citigroup, one of the nation's largest banks.