The U.S. Federal Reserve voted today to require banks to hold enough liquid assets to survive a 30-day credit crunch; banks have 90 days to comment on the proposed rules. The Fed???s board requires that banks have this level of assets as soon as 2017, instead of 2019 as in Basel III, and that their definition of liquid assets is more stringent than Basel III. (Basel III is an international agreement to regulate banking to prevent another crisis like that which affected global finance in 2008.) “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,” Fed Governor Daniel Tarullo said.