Michael S. Barr: “Yes. I believe that provision will further increase concentration at the very top of the financial sector.”

Community banks are exempt from this proposal. It only covers the top 37 banks in the country.

The Federal Reserve's rules, issued in the wake of the legislation that was issued in 2019, did have the effect of lowering supervisory and regulatory standards for firms.

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

The argument for why regulation and monetary policy are both at the Fed is that it is supposed to inform each other.