The Federal Reserve Board, Office of the Comptroller of the Currency and FDIC final rule to modify the agencies' liquidity coverage ratio rule was published in the Federal Register.
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The Office of the Comptroller of the Currency, the Federal Reserve Board and the FDIC amended the liquidity coverage ratio rule to treat liquid and readily marketable, investment-grade municipal obligations as high-quality liquid assets.
Treasury Secretary Jacob Lew testified that "the financial system [is] safer, more resilient, and supportive of long-term economic growth" as a result of the creation of the Financial Stability Oversight Council.
The U.S. House of Representatives passed a bill requiring federal banking regulators to include municipal bonds under the Liquidity Coverage Ratio Final Rule.