Michael S. Barr: “the classical model has fallen apart and the people who have paid the price for it are consumers.”

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

The failure of SVB illustrates the need to move forward with our work to improve the resilience of the banking system.

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.

We will definitely be looking into that. And we retain enforcement authority to go after people at the bank who violated the law, or who breached their fiduciary duty, or who engaged in unsafe and unsound practices, and we will hold them…