Michael S. Barr: “The Fed is not satisfying its price stability mandate.”

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

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

I do think the banking system is sound and resilient.

I personally oppose it quite significantly. I think it is, I would use a technical term, 'dumb,' the way they describe their rule.