Michael S. Barr: “We are playing right into China's strategy.”

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

The banks we regulate, in contrast to stablecoins and crypto markets, are well-protected from bank runs through a robust array of supervisory requirements.

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

I strongly believe that inflation is far too high today, and I am committed to bringing it down to the Federal Reserve's target of 2 percent.