basis, names and details of participants in each such facility ; amounts borrowed and interest rate charged ; and overall costs, revenues, and fees for each facility. we embrace our responsibility to the american people to be as transparent as possible, and we appreciate that the need for transparency is heightened when we are called upon to use our emergency powers. we recognize that our actions are only part of a broader public - sector response. congress ’ s passage of the cares act was critical in enabling the federal reserve and the treasury department to establish many of the lending programs. the cares act and other legislation provide direct help to people, businesses, and communities. this direct support can make a critical difference not just in helping families and businesses in a time of need, but also in limiting long - lasting damage to our economy. i want to end by acknowledging the tragic events that have again put a spotlight on the pain of racial injustice in this country. the federal reserve serves the entire nation. we operate in, and are part of, many of the communities across the country where americans are grappling with and expressing themselves on issues of racial equality. i speak for my colleagues throughout the federal reserve system when i say, there is no place at the federal reserve for racism and there should be no place for it in our society. everyone deserves the opportunity to participate fully in our society and in our economy. we understand that the work of the federal reserve touches communities, families, and businesses across the country. everything we do is in service to our public mission. we are committed to using our full range of tools to support the economy and to help assure that the recovery from this difficult period will be as robust as possible. thank you. i am happy to take your questions. 3 / 3 bis central bankers'speeches

between a principles - based approach and appropriate clarity. let me briefly review a few of the more important changes introduced in the market - risk npr and then discuss some of the comments received on these proposed changes. the objectives of the proposed changes are to enhance the rule's risk sensitivity and to reflect changes in the composition of banks'trading books and changes in risk - management practices over the last ten years. one principal change is a new definition of the positions covered by the rule. positions covered by the current market - risk rule generally include all gaap trading assets and liabilities. under the npr, positions covered would include only those gaap trading assets and liabilities that either meet the rule's definition of a trading position or are hedges of other positions covered by the rule. trading positions would be defined as positions held for short - term resale, held with the intent of benefiting from actual or expected price movements, or held to lock in arbitrage profits. while the proposed new definition in the npr would result in potentially different definitions of a trading position for accounting, risk - management, and regulatory capital paradigms, these differences, while not ideal, are based on the manner in which trading positions are treated in these respective areas. for example, under the market - risk capital rule, capital is calculated on the basis of a ten - day holding period and a 99 percent confidence level – parameters that generally are appropriate only for liquid and actively managed positions. further, ongoing changes in accounting standards are affecting the mix of assets and liabilities carried in trading books and the banking book. for regulatory capital purposes, the geography of the exposure on the balance sheet should be secondary to the inherent nature of risks that the financial instruments reflect. recognizing that banks'trading books have evolved over the last ten years to include riskier credit and illiquid positions, the rule would impose a new capital requirement for incremental default risk on any portfolio of covered positions for which a bank models specific risk. incremental default risk would be defined as the default risk of a covered position that is not reflected in the bank's var measure ( because, for example, the risk extends beyond the ten - day holding period and the 99 percent confidence level ). incremental default risk would be measured consistent with a one - year time horizon and a one - tailed, 99. 9 percent confidence level – which is comparable to the measures under irb in the basel ii framework. consistent with a principles - based