John Allison, former chairman and chief executive of BB&T, made a pitch to abolish the Federal Reserve at a Dodd-Frank Act seminar.

Allison did not go unscathed, however, as he was "hit with a blacklash from other participants on the Friday panel held in Washington and hosted by the Federalist Society," writes American Banker's Rachel Witkowski.

The panel was supposed to focus on Dodd-Frank, but quickly changed course after Allison's comment. Michael Barr, who helped draft Dodd-Frank as an assistant Treasury secretary during the Obama administration argued, "We would all be worse off as a country if the Federal Reserve did not intervene when it did."

Neil Gorsuch, the panel's moderator and a federal judge who sits on the U.S. Court of Appeals, repeatedly cut off arguments about the Federal Reserve.

For the full piece see "Dodd-Frank Panelists Spar Over Fed's Necessity" (may require subscription).