Michael S. Barr: “I think the steps that we took together to stabilize the economy and provide public confidence in the banking system are…”

I think we need to take a good, hard look inside at the Federal Reserve, at our supervision, at our regulation.

We need to not only arrest individuals such as those in Woodford County who traffic this potent deadly drug, but also find and eliminate the source of production and financing.

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.

Overall, our banking system is sound and resilient.