Michael S. Barr: “We will definitely be looking into that. And we retain enforcement authority to go after people at the bank who violated…”

We definitely want innovation in our banking system. Innovation has been critical to having a thriving financial sector and a thriving economy.

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.

Shouldn't this be a more transparent public Board meeting and a deliberative process that includes all members of the Board?

I think congressional oversight is absolutely essential, but I would not pursue the particular legislation that you have described.