significant losses. to address these gaps, we are considering a partial limit on the extent of reliance on htm assets in larger banks'liquidity buffers, such as those held under the lcr and ilst requirements. these adjustments would address the known challenges of banks being able to use these assets in stress conditions. finally, we are reviewing the treatment of a handful of types of deposits in the current liquidity framework. observed behavior of different deposit types during times of stress suggests the need to recalibrate deposit outflow assumptions in our rules for certain types of depositors. we are also revisiting the scope of application of our current liquidity framework for large banks. 4 / 5 bis - central bankers'speeches these enhancements to our liquidity regulations will help bolster firms'ability to manage liquidity shocks, and they will also be well integrated with our monetary policy tools and framework. modernizing our tools to meet current and future needs turning back to the discount window, i also want to note that the discount window has served its role well in recent years, and that we are also engaging in ongoing work to improve its operations. given the crucial role of the discount window in providing ready access to liquidity in a wide variety of market conditions, we continuously work to assess and improve its functionality while engaging with current and potential users of the window. among the steps we have taken recently include that we now have an online portal, discount window direct, that allows firms to request and prepay discount window loans in a more streamlined manner than was previously possible. we also recently published a request for information on discount window operations and daylight credit asking about key components of these functions. feedback from the public will help us prioritize areas for improvement, so i strongly encourage anyone with an interest in this topic to weigh in during the comment period. your feedback will help us ensure that the discount window continues to improve in its role of providing ready access to funding under a variety of market conditions. thank you. 1 the views i express here are my own and not necessarily those of my colleagues on the board of governors of the federal reserve system or the federal open market committee. 2 see michael s. barr ( 2023 ), " the 2023 u. s. treasury market conference, " speech delivered at the federal reserve bank of new york, new york, november 16. 3 see " subparts d and o - enhanced prudential standards " in board of governors of the federal reserve system

instance, one of those challenges is the complex relationship between the dollar and geoeconomics, commonly defined as the interplay between economic and geopolitical tools and objectives. rising geopolitical tensions, sanctions against russia, china's efforts to bolster usage of the renminbi, and economic fragmentation all can affect the international use of the dollar, most visibly as a store of value and reflected in its use in official foreign exchange reserves. these same factors can also affect the dollar's role as a medium of exchange, such as in its use in trade invoicing, global banking, international debt issuance, and foreign 1 / 3 bis - central bankers'speeches exchange transactions. these topics will be addressed by two of our presenters today. linda goldberg will present a paper addressing the effects of geoeconomic tensions, focusing on the dollar's use in official foreign exchange reserves. linda and her coauthors find that financial sanctions and geopolitical distance from the united states are associated with lower dollar shares in foreign exchange reserves. looking more broadly, ryan chahrour will present work exploring the potential effects of escalating conflict and protectionism on the dollar's dominance in connection with efforts to promote the use of other currencies such as the renminbi. he and his coauthors find that both sanctions and policies that directly support the international role of the renminbi may reduce the prominence of the dollar if these sanctions and policies are long - lasting. the shifting cross - border payments landscape - including the rapid growth of digital currencies - could also pose challenges to the dominant role of the u. s. dollar. angelo ranaldo will provide an overview of aspects of that payments landscape, focusing on the world's largest multicurrency cash settlement system for foreign exchange, the continuous linked settlement payment system, and its role in facilitating cross - border payments by reducing settlement risk. in the panel moderated by michelle neal this afternoon, the panelists will take a broader look at the current landscape of crossborder payment systems and how new technologies such as central bank digital currencies and faster transactions could potentially affect u. s. dollar usage and global capital flows. stijn claessens, in his keynote address, will expand on similar themes and pose questions that still need to be explored by researchers engaged on this topic. while recognizing that the u. s. dollar may face some challenges to its dominance in the future, we, as