11 I would like to better understand the U.S. approach to these reforms before passing judgement, but if changes are implemented in a way that takes costs and benefits into consideration and preserves capital neutrality, in my view, these reforms could improve the capital framework. Prior to 2008, there were also no standardized, quantitative liquidity requirements for U.S. banks and their holding companies.
Today, there are two: the Liquidity Coverage Ratio,  See Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency, “Agencies Reaffirm Commitment to Basel III Standards” joint press release (September 9, 2022), https://www.federalreserve.gov/newsevents/pressreleases/bcreg20220909a.htm.