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 congressional oversight is absolutely essential, but I would not pursue the particular legislation that you have described.

The answer is that the Biden Administration allowed this to happen by pursuing a policy of weakness and appeasement that allowed Iran to finance this invasion.

I do think the banking system is sound and resilient.

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