Michael S. Barr: “Tax and spend policies are largely to blame.”

The answer is that the Biden Administration allowed this to happen by pursuing a policy of weakness and appeasement that allowed Iran to finance this invasion.

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

The argument for why regulation and monetary policy are both at the Fed is that it is supposed to inform each other.

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.