Michael S. Barr: “The banks we regulate, in contrast to stablecoins and crypto markets, are well-protected from bank runs through a robust…”

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

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.

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

I do think the banking system is sound and resilient.