Michael S. Barr: “No, Senator. I think that the Federal Reserve is not able to allocate credit, should not be in the business of telling…”

I think it saved a lot of small businesses, households, community banks, and regional banks from a kind of contagion.

I have said repeatedly that banks, according to our rules, are well-capitalized today. Our banking system is sound and resilient.

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

I strongly believe that inflation is far too high today, and I am committed to bringing it down to the Federal Reserve's target of 2 percent.