The article discusses the ongoing efforts to reform the global financial system after the 2009 financial crisis. The main goal is to create a more stable financial system that supports economic growth. The reforms focus on setting consistent rules internationally and improving the quality and quantity of bank capital. While progress has been made, there are still many challenges ahead in addressing risks from both banks and nonbanks. The recent proposals by the Basel Committee on Banking Supervision are a step in the right direction, but more work is needed to ensure the entire financial system is secure.