Democratic senators grilled New York Federal Reserve Bank President William Dudley on Friday over accusations of poor oversight of financial institutions.

The New York Fed is the most powerful of the 12 regional branches of the central bank, and some in the Senate have indicated their support for making the job a presidential appointee, according to the Reuters.

Sen. Elizabeth Warren (D-Mass.) curtly asked Dudley if there was a cultural problem at the New York Fed, noting that evidence she had seen suggested there was. “Either you need to fix it, Mr. Dudley, or we have to get someone who will,” she said.

The New York Fed is particularly powerful because it is the “eyes and ears” for the Fed on Wall Street, and is responsible for enacting and enforcing regulations on the largest banks in the country — and even the world.

Republicans, who recently seized power of the Senate in midterm elections, were entirely absent for the hearing before the Senate Banking subcommittee on financial institutions and consumer protection. The Democrats who were in attendance slammed Dudley for oversights on institutions such as Goldman Sachs and JPMorgan Chase. Dudley used to work for Goldman Sachs.

On Thursday, the Fed’s Board of Governors announced it will reviews the oversight it has over large banks, including whether contrary views have been encouraged.

Meanwhile, the Federal Reserve is attempting to make it more difficult for Wall Street Banks to make bets on commodities markets by enacting new restrictions on the practice, according to the New York Times.

Fed governor Daniel Tarulla said during the hearing that he expected the Fed would issue a formal notice of new rules next year which would force banks to amass more capital to protect against losses should bets on commodities go south. It would also restrict banks from investing in some types of commodities operations.