James Bond Selfie

James Bond Selfie, Last Modified, 2017-11-18

Extracted discussion on Basel 3 Financial Stability Accord, by Ben Bernanke.

CHAIRMAN BEN S. BERNANKE. Good morning. I'd like to welcome our guests to the Federal Reserve Board as we discuss our proposal that represents the key component of our efforts to promote financial stability.

The proposal, which today the board will consider publishing for public comment, would implement the Basel III Liquidity Coverage Ratio that the Federal Reserve and regulators from around the world--around the globe have crafted for large and internationally active banking organizations and financial companies. It would also establish enhanced credential liquidity standard consistent with section 165 of the Dodd-Frank Wall Street Reform Consumer .

Protection Act. Adequate liquidity is essential for healthy and stable banking and central to the smooth functioning of the financial system. The proposed rule would for the first time in the United States put in place quantitative liquidity requirement aimed at fostering a more resilient and safer financial system. I look forward to today's discussion of this important initiative. Let me turn now to the head of our supervision committee, Governor Daniel Tarullo.

GOVERNOR DANIEL K. TARULLO. Thank you, Mr. Chairman. The proposal before us today marks an important advance in prudential regulation because as you just noted, large banking organizations would for the first time be subject to a quantitative liquidity rule.

Since financial crises usually begin with a liquidity squeeze that further weakens the capital position of vulnerable firms, it is essential that we adopt liquidity regulations to complement the stronger capital requirement, stress testing, and other enhancements to the regulatory system we've been putting in place over the past several years. I like to draw attention to several features of today's proposal.

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