Michael S. Barr: “The Federal Reserve's rules, issued in the wake of the legislation that was issued in 2019, did have the effect of…”

The report that we released suggests that both the Board in Washington and the San Francisco Fed did not hold up the bank with enough pressure.

It was our judgment collectively on the Federal Reserve Board, and an unanimous decision of the FDIC and the Treasury Secretary, that we needed to do that to protect contagion from infecting healthy banks in the system.

I believe that it should be the sense of Congress that the policy of the United States is to prevent from Iran from obtaining a nuclear weapon by all means necessary.

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