Michael S. Barr: “I think that repo market reform directly is probably the most efficient way of getting at that.”

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.

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.

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.

We need to not only arrest individuals such as those in Woodford County who traffic this potent deadly drug, but also find and eliminate the source of production and financing.