Michael S. Barr: “Community banks are exempt from this proposal. It only covers the top 37 banks in the country.”

I think the steps that we took together to stabilize the economy and provide public confidence in the banking system are of assistance to low- and moderate-income households and to all Americans around the country.

We will definitely be looking into that. And we retain enforcement authority to go after people at the bank who violated the law, or who breached their fiduciary duty, or who engaged in unsafe and unsound practices, and we will hold them…

Overall, our banking system is sound and resilient.

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