Michael Barr on the principle of Fed independence in the context of bank oversight: In its 110 years, "the Federal Reserve has exercised its independent judgment about bank regulation…. That has served the country well." "I don’t think we want other entities trying to influence whether a bank should be rated a 3 or 4 or 5. I don’t think we want other entities saying we shouldn’t issue an enforcement action on a bank for a violation of the law..." "That independence has been an absolutely critical principle. In my judgment that ought to be respected."