Michael S. Barr

I think the steps that we took together to stabilize the economy and provide public confidence in the banking system are of assistance to low- and moderate-income households and to all Americans around the country.

The research shows that there is no basis for the conclusion that low-income or moderate-income households were responsible for causing the financial crisis.

It was our judgment collectively on the Federal Reserve Board, and an unanimous decision of the FDIC and the Treasury Secretary, that we needed to do that to protect contagion from infecting healthy banks in the system.

I share your outrage about it. I just want to make sure we get to the facts.

We will definitely be looking into that. And we retain enforcement authority to go after people at the bank who violated the law, or who breached their fiduciary duty, or who engaged in unsafe and unsound practices, and we will hold them…

The Federal Reserve's rules, issued in the wake of the legislation that was issued in 2019, did have the effect of lowering supervisory and regulatory standards for firms.

I can say the banking system is sound and resilient. I think that was really the right thing to do.

I think it saved a lot of small businesses, households, community banks, and regional banks from a kind of contagion.

Yes. I have been consistent in saying both that the system is strong and that we also need to think about stronger capital rules.

The failure of SVB illustrates the need to move forward with our work to improve the resilience of the banking system.

I think we need to take a good, hard look inside at the Federal Reserve, at our supervision, at our regulation.

I do not want to live through it again.