Michael S. Barr: “My parents taught me the centrality of public service.”

SVB failed because of a textbook case of mismanagement by the bank and that Federal Reserve supervisors failed to take forceful enough action.

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

We definitely want innovation in our banking system. Innovation has been critical to having a thriving financial sector and a thriving economy.

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.