Michael S. Barr: “We need to take the steps necessary to reform our regulatory structure so that it is gap-free and comprehensive.”

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

Yes, I do think that bank mismanagement was at the core of this.

We are playing right into China's strategy.

I think congressional oversight is absolutely essential, but I would not pursue the particular legislation that you have described.