美联储 -金融监管现代化 Modernizing Financial Regulation

Forreleaseondelivery

5:25a.m.EDT(10:25a.m.localtime)July13,2026

ModernizingFinancialRegulation

Remarksby

MichelleW.Bowman

ViceChairforSupervision

BoardofGovernorsoftheFederalReserveSystem

at

BankPolicyInstitute

LondonConference

London,UnitedKingdom

July13,2026

Goodmorning.Itisapleasuretojoinyouthismorning.

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Today,IwouldliketodiscusstheworkthatiscurrentlyunderwayintheFinancialStabilityBoard’sStandingCommitteeonSupervisoryandRegulatoryCooperation(or“SRC”)onmodernizingfinancialregulationand

supervision.OureffortsintheUnitedStateshavebeenprogressingswiftlyoverthepastyear,andmostjurisdictionsaroundtheworldhaveundertakensimilarreviewsoftheirrespective

regulatoryandsupervisoryfinancialsystemframeworks.

Nearlyayearago,IassumedthechairmanshipoftheFSB’sSRC.OneoftheSRC’s

workstreamsundermyleadershipistheFSB’seffortstoestablishprinciplestoguideregulatoryandsupervisorymodernizationaroundtheworld.

Today,Iwilloutlinetheseprinciples,andIwillshareourapproachtoapplyingthemintheUnitedStates.

ThePurposeofModernizationandGuidingPrinciples

Iwillbeginbydescribingmodernizationinthiscontext.Thefinancialsystemis

constantlyevolving,andourregulatoryandsupervisoryframeworkmustkeeppace.Wemustensurethatourframeworkfunctionseffectivelyandefficiently,preservesfinancialstabilityandbanksafetyandsoundness,andpromotessustainableeconomicgrowth.Fourprinciplesshouldguidetheseefforts.

First,wemustprioritizematerialfinancialrisks—thesearetherisksthatcanimpairaninstitution’sviabilityandfinancialstabilitymorebroadly.Recentexperienceillustrates

thedangerofdriftingfromthisprinciple.IntheUnitedStates,weexperiencedthedirect

consequencesofsupervisorslosingfocusonmaterialfinancialrisks.Whilewecontinueto

understandtherootcausesthatledtothefailureofSiliconValleyBank,evidencesuggeststhat

1TheviewsexpressedherearemyownandarenotnecessarilythoseofmycolleaguesontheFederalReserveBoardortheFederalOpenMarketCommittee.

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supervisorsfailedtosufficientlyidentify,understand,andactuponthematerialrisksthat

ultimatelycontributedtothebank’sfailure.Atthetimeitfailed,thereweredozensof

outstandingsupervisorymatters.Butthesheernumberofthesefindingsclearlydidnottranslatetosupervisoryeffectiveness.Thelessonisthatmorefindingsdonotequalbettersupervision.

Toimplementeffectivemodernization,wemustmovedecisivelyawayfroma“moreisbetter”approachtowardtargeted,risk-basedoversight.Therefore,wemustbecomemore

disciplinedinourapproachtofocussupervisoryresourcesonwhatactuallymatterstoaninstitution’ssafetyandsoundness.

Second,wemusttailorregulationandsupervisiontobecommensuratewitheachinstitution’sriskprofile.Banksdifferdramaticallyinsize,systemicimpact,complexity,andriskprofile.Acommunitybankofferingonlytraditionallendingproductsdoesnotpresentthesamerisksasamulti-trillion-dollarinstitutionwithglobaloperationsandcomplextrading

activities.Whenwedesignstandardsforthemostcomplexinstitutionsandapplythemtosimple,non-complexinstitutions,wecreateinefficiencyandburdenwithoutcorrespondingbenefitsorimprovedoutcomes.

Third,wemustprioritizetransparencyandaccountabilityinourregulatoryand

supervisoryprocesses.Regulatoryandsupervisoryexpectationsshouldnotcomeasasurprise.Publicdisclosureofoursupervisorypracticesandexpectationsforregulatedfirmsenables

supervisedinstitutionstounderstandwhatsupervisorsexpectandhowsupervisionisconducted.Thisallowsbothfirmsandsupervisorstobettermanagerisksandallocateresourcesmore

effectively.Transparencyalsostrengthensaccountabilityandensuresthatallparties—supervisors,regulatedinstitutions,boardsofdirectors,andthepublic—shareacommon

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understandingofsupervisoryobjectivesandmethodologies.Thisclarityensuresthatprudentialoversightiseffectiveandefficient.

Andfourth,modernizationmustbeforward-lookingsothatitconsidersemergingrisksandpromotesresponsibleinnovation.Rapidlyevolvingtechnologiesoffersignificantbenefitsandpresentcomplexchallengesforthefinancialsector.Tomaintainarobustbankingsystem,supervisorsmustsupportresponsibleinnovationwhilecontinuingtoaddressmaterial

risks.Thatrequiresregulatoryandsupervisoryframeworksthatarenotoverlyprescriptive,andwhichdrawuponreal-worldexperiencetoestablishprinciplesthatcanencompassspecific

circumstancesandusecases.

ModernizationinPractice

TheFSBhastakenstockofmodernizationactivitiesacrossitsmembership,includinginstandard-settingbodies.Thesemodernizationeffortsarewidespreadandemphasizesimilar

objectives,includingkeepingframeworksforward-lookingandadaptingtocurrentandemergingmaterialrisks,enhancingtailoringandproportionality,reducingunnecessaryburden,enabling

responsibleinnovation,usingdataandtechnology-enabledsupervision,andsupportingeconomicgrowth.

Thenextstageofthisworkisareportforpublicconsultationthatwillbepublishedinthefall.ItwillincludeprinciplestohelpguidetheimplementationofFSBmember

modernizationactivities.ThereportwillthenbedeliveredtotheG20asanimportantmilestoneinoursharedcommitmenttomodernization.

Overthepastyear,theUnitedStateshasmadesignificantprogressonourworkto

modernizeboththeU.S.regulatoryandsupervisoryframeworks.Theseeffortsdemonstratehowtheprinciplesworkinpractice.

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CapitalFrameworkReforms

OneoftheprimaryU.S.modernizationprioritiesincludesreformingthecapital

framework.TheFederalReserve’s2026BaselIIIproposaldemonstrateshowmodernization

principlestranslateintoconcreteregulatoryimprovementsthatbalancesoundprudential

standardswitheconomicefficiency.InMarch,wepublishedcomprehensiveproposalstoreform

theU.S.capital

frameworkforpubliccomment.Ratherthanworkingbackwardfroma

predeterminedaggregatecapitaltarget,weevaluatedeachrequirementonitsmerits,examiningwhetheritisappropriatelycalibratedtorisk,achievesitsintendedpurpose,andminimizes

unintendedconsequences.

Theproposedcapitalframeworkwillsimplifyrequirementsinseveralways:bymovinglargebankstoasinglestackofrisk-basedcapitalrequirements,adoptingatruerisk-basedcapitalapproach;recalibratingtheglobalsystemicallyimportantbanks(G-SIB)surchargetobetter

reflectsystemicrisk;reducingoverlapsbetweenstresstestingandrisk-basedrequirements;andright-sizingrequirementstoreduceincentivesfortraditionalbankingactivitiestomigrateoutsideoftheregulatedbankingsector.TheproposalalsocommitstoindexingtheG-SIBsurchargetonominaleconomicgrowthgoingforward.Thiswillfulfilladecade-oldcommitmenttopreventunintentionallyincreasingrequirements.

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Thecommentperiodrecentlyclosed,andwearenowevaluatingpublicfeedbackandworkingtofinalizetheserules.Thegoalistomaintainrobustcapitallevelswhilereducing

regulatorybarriersthatconstraincreditavailabilitywithoutprovidingcorrespondingbenefits.

2SeeBoardofGovernorsoftheFederalReserveSystem,“RegulatoryCapitalRules:ImplementationofRisk-BasedCapitalSurchargesforGlobalSystemicallyImportantBankHoldingCompanies,”80FR49082(August14,2015)(“Toensurechangesineconomicgrowthdonotundulyaffectfirms’systemicriskscores,theBoardwill

periodicallyreviewthecoefficientsandmakeadjustmentsasappropriate”).

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Thisbottom-up,risk-basedapproachillustrateshowmodernizationcanenhancebotheffectivenessandeconomicefficiency.

StatementofSupervisoryOperatingPrinciples

Werecentlyenhancedoursupervisoryframework,startingwithincreasedtransparencyandaccountabilitybypublishingSupervisoryOperatingPrinciplestoguidetheactivitiesand

prioritiesofoursupervision.ThisisthefirsttimetheFederalReservehasdisclosedthe

principlesthatformthefoundationofoursupervisoryapproach.Thefocusonearlydetectionandmitigationofmaterialrisksprovidesclarityforsupervisedinstitutionsandthepublicabouthowweconductsupervision.Aswerefineourpracticalimplementation,wewillcontinueto

evaluateandenhancethesePrinciples.

UpdatingAssetThresholds

Aswithanyagedinfrastructure,manyoftherequirementscontainedwithinour

regulationsandsupervisionarenotalignedwiththegrowthofoureconomy.Therefore,weareworkingtoaddresslongoutdatedfixedassetthresholdsthatignoreeconomicgrowthand

inflation.Abankwith$10billioninassetstodayisnotthesameasabankwith$10billioninassetsadecadeago,andbankswithunchangedriskprofilesfaceincreasingregulatoryburdenovertime,simplyduetoeconomicgrowthandstagnantthresholds.Inaddressingthisissue,weareworkingtocraftsolutionsthatwillgrowovertimebyindexingfixeddollarthresholds.

RefiningMaterialFinancialRiskAssessment

Implementingtheoperatingprinciplestoprioritizefinancialriskmanagementrequiresrefiningourapproachtoassessingmaterialfinancialrisks.Indoingso,weexpectour

supervisorstoexercisereasonedjudgmentthroughouttheexaminationprocess,frompre-examplanningthroughtheexamexitprocess.Oursupervisoryprogramscontinuetorequire

comprehensivesupervision,butourfindingsshouldfocusonthoseissuesthatimpactan

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institution’ssafetyandsoundness.Inpractice,thismeansrevisedstandardsforourexaminationfindingsthatincorporateobjective,measurablefactorstoevaluatematerialfinancialrisks.Thosemattersthatraiseconcern,butdonotreachtheseveritylevelofaviolationcanbecitedas

“supervisoryobservations”fornotable,butlesssignificantissues.

EmergingTechnology

Giventherapidlyevolvingstateoftechnology,theU.S.hasexpandedmodernizationeffortstoincludeallowingbankstosafelyadoptemergingtechnologies.Lastmonth,underasecondFSBSRCworkstream,wepublishedaconsultationreportonsoundpracticesfor

financialinstitutionsastheyconsideradoptingandusingartificialintelligence(AI).

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The

adoptionandintegrationofAIinthefinancialsystemofferssignificantbenefits,butitsrapidevolutionpresentsuniquechallenges.

Thereportdrawsonreal-worldexamplesofhowbanksandotherfinancialinstitutions

arealreadyusingAIsuccessfullyandresponsibly.Ratherthanprescribingone-size-fits-all

requirements,itofferspracticalguidancethatinstitutionscanadapttotheirspecific

circumstancesandusecases.TheFSBisseekingpubliccommentonthereportthroughJuly22,andyourfeedbackwillensurethisworkisusefulfortheindustry.Publicfeedbackwillalso

assistoureffortstoapplythesameprinciplesofflexibility,risk-focus,andpracticalitythatguideallofourmodernizationefforts.

AdditionalU.S.modernizationworkhasimprovedsupervisoryguidance,simplifiedsmallbankcapitalframeworks,andenhancedsupervisorystresstesting.

3ThereportisavailableontheFSB’swebsiteat

/2026/06/sound-practices-for-responsible-

adoption-of-artificial-intelligence-ai-consultation-report

.

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GoingForward

TheFSBhasaroleinfosteringinternationalcooperationandsharingbes