Board of Governors of the Federal Reserve System

Q3 Total Nonfinancial 5.61 5.14 4.73 4.54 4.66 4.83 Households and Nonprofits...5.54 1.98 0.64 3.91 3.81 3.03 Federal Government 6.11 9.76 10.01 6.20

I am delighted to have been invited by GARP to share a few of my thoughts...I want to highlight two fundamental elements of sound risk management:

I appreciate this opportunity to discuss the Federal Reserve's work in...5," targets institutions that need to manage growth and other transitions

i) Effective January 27, 2026, the meeting was closed to public observation...i) of the Government in the Sunshine Act (5 U.S.C. Section 552b(c)), and

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i) Effective January 15, 2026, the meeting was closed to public observation...i) of the Government in the Sunshine Act (5 U.S.C. Section 552b(c)), and

.3 The ANPR is built on ideas advanced by stakeholders. Throughout this...3. See Federal Reserve Board, "Advance Notice of Proposed Rulemaking:

i) Effective December 9, 2025, the meeting was closed to public observation...i) of the Government in the Sunshine Act (5 U.S.C. Section 552b(c)), and

5 percent at the BHC level.3 The SLR is a non-risk weighted capital requirement...5 percent minimum level. However, as shown in Figure 1, the SLRs have

3) below) ▪ Wholesale sweep program accounts (item 5) below) ► Example...3), 4), and 5). 3) Retail sweep program accounts (i.e., reserve sweep