Michael S. Barr: “This seems to me a five-alarm fire.”

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

I don't agree with that assessment. I think that capital in general is facilitating strong lending to all communities, and having strong capital in the system is critical for doing that.

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

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