Michael S. Barr: “Community banks are exempt from this proposal. It only covers the top 37 banks in the country.”

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.

I share your outrage about it. I just want to make sure we get to the facts.

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

I think the steps that we took together to stabilize the economy and provide public confidence in the banking system are of assistance to low- and moderate-income households and to all Americans around the country.