Ryan F. Quarles

Kentucky's legislative and regulatory framework is widely recognized today as one of the best in the nation.

We feel strongly that hemp is a commodity crop. It is legal to produce and that we should not be criminalizing or intending to criminalize producers for producing a legal crop.

If there is a credit allocation decision to be made, that is a decision for Congress, to be debated by the public's representatives.

I don't think that we should be weakening the CRA.

I think that you can actually have more effect in really supporting the low- and moderate-income portions of the communities.

It is not our intention. Indeed, it is the opposite of our intention, to affect the total loss-absorbing capacity of the largest firms.

Similarly, that has always been a high priority of the Federal Reserve, and where we have the enforcement authority to act, we will do that.

The Federal Reserve, along with the other U.S. banking agencies, has made substantial progress in building stronger regulatory and supervisory programs since the global financial crisis.

If Congress does choose to provide a guarantee for mortgages, I would urge that the guarantee be explicit and transparent, done in a manner that protects taxpayers, and apply to securities not institutions.

I do think that a legislature is in a better position to resist the slippery slope for that solution.

That is probably the highest priority item that we have, discussing ways to ensure that our systems are resilient.