Michael S. Barr: “The Federal Reserve's rules, issued in the wake of the legislation that was issued in 2019, did have the effect of…”

The report that we released suggests that both the Board in Washington and the San Francisco Fed did not hold up the bank with enough pressure.

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

Yes, I do think that bank mismanagement was at the core of this.

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