Michael S. Barr: “I completely agree that it should be subject to full and complete congressional oversight.”

The banks we regulate, in contrast to stablecoins and crypto markets, are well-protected from bank runs through a robust array of supervisory requirements.

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.

We need to not only arrest individuals such as those in Woodford County who traffic this potent deadly drug, but also find and eliminate the source of production and financing.

I have said repeatedly that banks, according to our rules, are well-capitalized today. Our banking system is sound and resilient.