Michael S. Barr: “The bank did respond to regulator citations but those responses were insufficient.”

The Congress needs to increase the debt ceiling. There are no other options around that.

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.

Community banks are exempt from this proposal. It only covers the top 37 banks in the country.

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…