These improvements have not gone unnoticed. As our supervision report demonstrates, the overall ratings trajectory in the industry has been quite positive. 8 There are some straightforward steps we could take to simplify our ratings, with no loss of effectiveness. We already have a model for a simpler ratings framework.
The new framework that applies to our largest firms, the LFI ratings framework, focuses on the three areas  Supervision and Regulation Report, https://www.federalreserve.gov/publications/files/202011-supervision-andregulation-report.pdf. 8  - 11 that are the core of our supervisory focus: capital, liquidity, and governance.