Michael S. Barr: “The Federal Reserve's independence is longstanding, and I think quite critical to its effectiveness as a nonpartisan…”

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

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

We are playing right into China's strategy.

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