Section 165 of the Dodd-Frank Act, in particular, requires the Board to implement heightened capital and liquidity standards, concentration limits, and stress testing—all to further the macroprudential purpose of preventing or mitigating risks to the financial stability of the United States.
As I will discuss later, the Board has followed through with rules such as the G-SIB surcharge, the liquidity coverage ratio, and single-counterparty credit limits, just to name a few; and, importantly, we have used macroeconomic considerations in calibrating some of these rules. An Evolving Regulatory Perspective  3  See Busch and van Rijin (2018), supra. -6Now, let’s fast forward to the present.