Michael S. Barr: “I think it saved a lot of small businesses, households, community banks, and regional banks from a kind of contagion.”

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.

The banks we regulate, in contrast to stablecoins and crypto markets, are well-protected from bank runs through a robust array of supervisory requirements.

The responsibility of bank management is to take the monetary policy, the interest rate world around it, and to respond with appropriate risk metrics, and they didn't do that.

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