In addition, we worked with our colleagues on the Basel Committee on Banking Supervision to enhance existing guidance on the management of liquidity risks, which was released two days ago. That work was drawn from recent and ongoing efforts on liquidity risk by the public and private sectors and is intended to strengthen banks' liquidity risk management and improve global supervisory practices.
Of course, the Federal Reserve has undertaken a number of programs to bolster market liquidity. Capital needs Clearly, capital is a critical defense against unexpected losses. Even with the recent turmoil, the U.S. banking system remains well capitalized.