Michael S. Barr: “I do not want to live through it again.”

SVB failed because of a textbook case of mismanagement by the bank and that Federal Reserve supervisors failed to take forceful enough action.

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

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

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.