Michael S. Barr: “I have long been an advocate of forceful measures to ensure that we have strong methods for accelerating loan…”

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.

The Federal Reserve's rules, issued in the wake of the legislation that was issued in 2019, did have the effect of lowering supervisory and regulatory standards for firms.

I think it saved a lot of small businesses, households, community banks, and regional banks from a kind of contagion.

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