00:00In the coming weeks the Federal Reserve Board will consider final revisions to
00:04the board stress testing framework. These changes will improve transparency and
00:11public accountability, strengthen the reliability and accuracy of the models,
00:17and reduce the volatility of the capital requirements flowing from the annual
00:21stress test results. In the US framework the board incorporates forward-looking
00:28supervisory stress testing into large bank capital requirements through the
00:33stress capital buffer. In addition and before the end of this year I expect the
00:39board to finalize reforms to risk-based capital requirements for large and small
00:44banks as well as improvements to the global systemically important bank
00:48surcharge. In totality these reforms create
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