Michael S. Barr: “I share your outrage about it. I just want to make sure we get to the facts.”

We are playing right into China's strategy.

Overall, our banking system is sound and resilient.

What we found is that supervisors were essentially too timid and too slow to raise those standards in a timely enough way.

I think we need to take a good, hard look inside at the Federal Reserve, at our supervision, at our regulation.