Michael S. Barr: “I want to know what the bank executives were doing in the months, weeks, and days leading up to this failure.”

I do think the banking system is sound and resilient.

The bank did respond to regulator citations but those responses were insufficient.

Yes. I have been consistent in saying both that the system is strong and that we also need to think about stronger capital rules.

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