4 The authorities that the Administration’s proposal would provide the Federal Reserve with respect to systemically important non-BHC financial firms and payment, clearing and settlement systems also are similar in many respects to the authorities that the Federal Reserve currently has with respect to bank holding companies and payment, clearing, and settlement systems under our supervision.
The Administration’s proposal does call for a more macro-prudential approach to the supervision and regulation of systemically important financial firms and payment, clearing, and settlement systems, including the establishment of higher capital, liquidity, and risk-management requirements for systemically important firms.