There is an additional capital standard – along with the liquidity standards just mentioned – where the considerable work done to date still needs to be completed in the Basel Committee.
Global initiatives have also been started in two other areas covered by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), derivatives regulation, and resolution regimes, but a good deal remains to be done before we have agreement on appropriate international measures to promote global financial stability and to assure congruence between U.S. practices and those of other major financial centers.