The day after winning his Senate vote, Quarles was making news in a July 18 speech to the American Bankers Association in Salt Lake City, pledging to move quickly on updated regulatory requirements for banks with between $100 billion and $250 billion in assets. The Economic Growth, Regulatory Relief, and Consumer Protection Act, the banking and financial services regulatory reform legislation enacted in May and now known as Public Law 115-174, gives the Fed discretion over which banks in that asset range are still subject to enhanced prudential standards. While the statute sets an 18-month deadline for this regulatory process, "we can and will move much more rapidly than this," Quarles said. He said banks falling in that range would remain subject to the CCAR stress tests, although not necessarily on an annual basis, and that they may no longer be required to submit living wills. "Most firms with total assets between $100 billion and $250 billion do not pose a high degree of resolvability risk, especially if they are less complex and less interconnected," Quarles said. "Therefore, we should consider scaling back or removing entirely resolution planning requirements for most of the firms in that asset range." Read the text of his speech, Getting It Right: Factors for Tailoring Supervision and Regulation of Large Financial Institutions.