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October 24, 2013 AT 11:15 AM
Federal Reserve on Thursday unveiled a plan requiring banks to hold enough assets they can easily sell to survive a credit crunch, which it said was tougher than what international regulators demanded.The plan, which will tell banks to hold enough liquid assets to meet their cash needs for 30 days, is a key plank of the Basel III capital rules agreed globally to make banks safer after the 2007-09 credit crisis. Fed Governor Dan Tarullo said in notes prepared for speaking: "Since financial crises usually begin with a liquidity squeeze that further weakens the capital position of vulnerable firms, it is essential that we adopt liquidity regulations,"