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10:00a.m.EDT
July10,2023
HolisticCapitalReview
Remarksby
MichaelS.Barr
ViceChairforSupervision
BoardofGovernorsoftheFederalReserveSystem
atthe
BipartisanPolicyCenter
WashingtonDC
July10,2023
ThankyoutotheBipartisanPolicyCenterfortheopportunitytospeaktoday.I’m
heretoreportonmyholisticreviewofcapitalforlargebanksandtooutlinestepsthatI
believeareappropriatetoupdateourcapitalstandardssothatbankscancontinuetoserve
ourcommunities,households,andbusinesses.1
Thereviewwasatopprioritybecausecapitalisfundamentaltosafetyand
soundness.Iapproachedthetaskwithhumility.Weneedtobeskepticalaboutthe
abilityofbankmanagersorregulatorstoanticipateallemergingrisks.Eventsoverthepastfewmonthshaveonlyreinforcedtheneedforhumilityandskepticism,andforan
approachthatmakesbanksresilienttobothfamiliarandunanticipatedrisks.
Ourdynamicfinancialsystemiscomplexandconstantlyevolving.Regulators
andbankmanagersarelimitedinourabilitytocomprehensivelyidentifyrisksandto
measurethem.Wecannotfullyappreciatehowaspecificvulnerabilitycaninteractwith
othervulnerabilitiestoamplifyandpropagateriskinthefaceofashock,ormultiple
shocks.Itisextremelydifficulttoidentifyshocksinadvance.Andwealsocannotfullypredicthowfirmsandmarketsadapttochangesintheenvironmentortothebehaviorof
regulatorsorotherparticipants.
So,insteadoftryingtodesignrulestoaddresseveryconceivablerisk,regulators
mustfocusbroadlyonresilience—ensuringthatbanksandthefinancialsystemcan
withstandchallenges,wherevertheyemergeandhowevertheyaretransmittedthrough
thesystem.Fortunately,thereisacomponentofbankfunding—equitycapital—thatis
1TheviewsIexpressherearemyown,andnotthoseoftheBoardofGovernorsoftheFederalReserveSystemortheFederalOpenMarketCommitt
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