In conclusion, I hope that my presentation of the challenges the ECB and other European policymakers are facing has not distracted you from the assessment in the first part of my talk. It is perhaps useful to restate my main findings.
The Federal Reserve will be working to propose a risk-based capital surcharge applicable to systemically important banking firms. This rulemaking will implement for U.S. firms the approach to a systemic surcharge developed by the Basel Committee, which varies in magnitude based on the measure of each firm’s systemic footprint.