Michael S. Barr: “I urge this committee to commit additional resources to help ensure this issue is quickly resolved.”

The answer is that the Biden Administration allowed this to happen by pursuing a policy of weakness and appeasement that allowed Iran to finance this invasion.

I have legislation, the Chinese Military and Surveillance Company Sanctions Act, that uses the OFAC SDN list to target the financing of military and surveillance companies that act counter to the national security of the United States.

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

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