While there are important differences, those changes for foreign firms broadly parallel many of the changes instituted for domestic firms. My Federal Reserve colleagues and I have termed these the core post-crisis regulatory reforms: capital, liquidity, stress testing, and resolution planning.
1 Of course, the obvious and most prominent difference for foreign firms—as attendees of this conference certainly know—was the introduction of the intermediate holding company (IHC) structure, to which the post-crisis regulatory reforms apply. In my estimation, these reforms have gone a long way toward meeting our goal of a more resilient financial system.