Michael S. Barr: “So, under our proposal, Mr. Chairman, the Federal Government, through the agencies, the Federal Reserve, with input from…”

“So, under our proposal, Mr. Chairman, the Federal Government, through the agencies, the Federal Reserve, with input from the counsel of all the regulators, would make a determination that a firm that is large, interconnected, and highly leveraged such that its failure would pose a threat to financial stability could be designated for stricter, tougher, more stringent forms of supervision with higher capital standards, higher prudential requirements, the requirement of the living will, the tougher set of standards I outlined very quickly in my testimony.”