Michael S. Barr: “Shouldn't this be a more transparent public Board meeting and a deliberative process that includes all members of the…”

We will definitely be looking into that. And we retain enforcement authority to go after people at the bank who violated the law, or who breached their fiduciary duty, or who engaged in unsafe and unsound practices, and we will hold them…

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.

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.