Michael S. Barr: “We definitely want innovation in our banking system. Innovation has been critical to having a thriving financial sector…”

I can say the banking system is sound and resilient. I think that was really the right thing to do.

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.

FinCEN, and Treasury, should be following the money in these areas to expose the relationships between the cartels and the illicit financing.

They failed in basic measures of interest rate risk and liquidity risk.