The banking agencies have been working simultaneously on all the implementing regulations so that we can take into account the interrelationships among the various rules and, as we publish proposed and final regulations in the coming months, banks will have a complete picture of the capital requirements to which they will be subject.
A third reform, also related to capital, is directed specifically at the unusual systemic importance of certain institutions. The Basel Committee has released a framework for calibrating capital surcharges for banks of global systemic importance, an initiative consistent with the Federal Reserve’s obligation under section 165 of Dodd-Frank to impose more stringent capital standards on systemically important firms.