The Federal Reserve on Thursday proposed that big banks keep enough cash, government bonds and other high-quality assets on hand to survive during a severe downturn on par with the 2008 financial crisis.
The proposal subjects U.S. banks for the first time to so-called "liquidity" requirements. Liquidity is the ability to access cash quickly.
The largest banks—those with more than $250 billion in assets—would be required to hold enough cash and securities to fund their operations for 30 days during a time of market stress. Smaller banks—those with more than $50 billion and less than $250 billion—would have to keep enough to cover 21 days.
Fed officials said the rules are stronger than new international standards for banks. The public has 90 days to comment on them. After that, they would be phased in starting in January 2015.
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