Michael S. Barr: “Should the government have the ability to throw those firms into a…”

On the recordOctober 21, 2009

Should the government have the ability to throw those firms into a resolution procedure? I think the answer is that in some cases maybe yes.

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Michael S. Barr

Source

Barr suggests that the government should have authority to resolve failing financial firms in certain situations.

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Shouldn't this be a more transparent public Board meeting and a deliberative process that includes all members of the Board?

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

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We definitely want innovation in our banking system. Innovation has been critical to having a thriving financial sector and a thriving economy.

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

Michael S. Barr: “Should the government have the ability to throw those firms into a resolution procedure? I think the answer is that in…”