areas of focus for regulatory reform. the first is simplification and recalibation of regulation of small and medium - sized banks. we are working to build on the relief we have provided in the areas of call reports and exam cycles, by developing a proposal to simplify the generally applicable capital framework that applies to community banking organizations. the second area is resolution plans. the fed and the federal deposit insurance corporation believe that it is worthwhile to consider extending the cycle for living will submissions from annual to once every two years, and focusing every other of these filings on key topics of interest and material changes from the prior full plan submission. we are also considering other changes, as i discussed last week when testifying to congress. third, the federal reserve is reassessing whether the volcker rule implementing regulation 1 / 2 bis central bankers'speeches most efficiently achieves its policy objectives, and we look forward to working with the other four volcker rule agencies to find ways to improve that regulation. in our view, there is room for eliminating or relaxing aspects of the implementing regulation in ways that do not undermine the volcker rule ’ s main policy goals. fourth, we will continue to enhance the transparency of stress testing and the comprehensive capital analysis and review ( ccar ). we will soon seek public feedback concerning possible forms of enhanced disclosure, including a range of indicative loss rates predicted by the federal reserve ’ s models for various loan and securities portfolios, and information about risk characteristics that contribute to the loss - estimate ranges. we will also provide more detail on the qualitative aspects of stress testing in next week ’ s ccar disclosure. finally, the federal reserve is taking a fresh look at the enhanced supplementary leverage ratio. we believe that the leverage ratio is an important backstop to the risk - based capital framework, but that it is important to get the relative calibrations of the leverage ratio and the risk - based capital requirements right. u. s. banks today are as strong as any in the world. as we consider the progress that has been achieved in improving the resiliency and resolvability of our banking industry, it is important for us to look for ways to reduce unnecessary burden. we must also be vigilant against new risks that may develop. in all of our efforts, our goal is to establish a regulatory framework that helps ensure the resiliency of our financial system, the availability of credit, economic growth, and financial market efficiency. we look

forward to working with our fellow regulatory agencies and with congress to achieve these important goals. and finally, i would also like to note that work continues to address the risks identified with existing reference rates. just last week, the alternative reference rates committee ( arrc ) selected a new rate suitable for use with new derivative contracts. i am confident the broad treasuries repo rate, which the federal reserve bank of new york has proposed publishing in cooperation with the office of financial research, is based on a deep and actively traded market and will be highly robust. with this choice, the arrc has taken another step in addressing the risks involved with the libor. 1 these remarks are substantially similar to the testimony delivered at the senate committee on banking, housing, & urban affairs hearing titled “ fostering economic growth : regulator perspective ” on june 22, 2017. 2 / 2 bis central bankers'speeches