Michael S. Barr: “I think you are right, Mr. Cleaver. I think that we need to have strong rules of the game that make the system safer and…”

The Federal Reserve's rules, issued in the wake of the legislation that was issued in 2019, did have the effect of lowering supervisory and regulatory standards for firms.

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.

The responsibility of bank management is to take the monetary policy, the interest rate world around it, and to respond with appropriate risk metrics, and they didn't do that.

We are playing right into China's strategy.