“They tried to rebuild their radar because they can't see anything. We waited until it was almost built and then we hit it.”

Political Quotes

Michael S. Barr: “I think that the key here is that in the past, we have had a system in which we had a joining of the safety and…”

On the recordJuly 13, 2009
I think that the key here is that in the past, we have had a system in which we had a joining of the safety and soundness function and the consumer protection function in the banking sector and then no supervision or examination at all in the nonbanking sector and I think we have seen the results of that.
Said by
Michael S. Barr
Source
congress.gov

Editor's note · Context

Barr discusses the failures of the past banking system regarding consumer protection.

Share

Share on XShare on FacebookEmail this quote

More from Michael S. Barr

May 15, 2023

I do think the banking system is sound and resilient.

congress.gov
Nov 14, 2023

We definitely want innovation in our banking system. Innovation has been critical to having a thriving financial sector and a thriving economy.

congress.gov
Mar 28, 2023

They failed in basic measures of interest rate risk and liquidity risk.

congress.gov
Mar 22, 2023

FinCEN, and Treasury, should be following the money in these areas to expose the relationships between the cartels and the illicit financing.

congress.gov
View all Michael S. Barr quotes