The Fed's Vice Chairman for Supervision, Randal K. Quarles, said the Fed and the FDIC plan to ask for input on liquidity requirements placed on large banks as part of the living will process. "We are interested in views from the firms and the public on how the regimes can be improved, and we expect to invite public comment on our living will guidance for U.S. and foreign firms in the near future," Quarles said in remarks at a May 16 symposium on the global banking system at Harvard Law School. The current requirements – known as Resolution Adequacy and Positioning and Resolution Liquidity Execution Need – were adopted two years ago but never subject to a public comment process. In the same speech, Quarles suggested that regulators could consider lowering capital requirements for foreign banks operating in the US. Quarles said he continues to believe that the requirement that foreign banks create capitalized intermediate holding companies to cover any significant US operations is an appropriate approach, but added that he sought a regulatory balance that would allow the home regulator of a failing global bank to direct its dissolution in an orderly manner. "Willingness by the United States to reconsider its calibration may prompt other jurisdictions to do the same, which could better the prospects of successful resolution for both foreign G-SIBs operating in the United States, and for U.S. G-SIBs operating abroad," Quarles said.