“It was our judgment collectively on the Federal Reserve Board, and an unanimous decision of the FDIC and the Treasury Secretary, that we needed to do that to protect contagion from infecting healthy banks in the system.”
Barr explains the rationale behind protecting bank deposits during a crisis.
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I think congressional oversight is absolutely essential, but I would not pursue the particular legislation that you have described.
The bank did respond to regulator citations but those responses were insufficient.
Shouldn't this be a more transparent public Board meeting and a deliberative process that includes all members of the Board?
I don't agree with that assessment. I think that capital in general is facilitating strong lending to all communities, and having strong capital in the system is critical for doing that.