Michael S. Barr: “The failure of SVB illustrates the need to move forward with our work to improve the resilience of the banking system.”

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

We will definitely be looking into that. And we retain enforcement authority to go after people at the bank who violated the law, or who breached their fiduciary duty, or who engaged in unsafe and unsound practices, and we will hold them…

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.

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