Prior to the financial crisis the only committees that were set up were really set up only to look at rules -- so, capital rules, liquidity rules, things like that.
Once viewed as mere "boilerplate" provisions, assignment clauses allowing bank loans to be traded have assumed greater importance in the age of stricter capital and liquidity rules.
It is critical that our banking regulators develop capital and liquidity rules of sufficient rigor to allow our financial firms to withstand future downturns in the global financial system.