Following is the Davis Polk visual memorandum analyzing the Federal Reserve’s proposed rule on total loss-absorbing capacity (TLAC) and eligible long-term debt (LTD) requirements for (i) U.S. G-SIBs and (ii) U.S. IHCs of foreign G-SIBs.  We plan to supplement this visual memorandum shortly with a comparison of the Federal Reserve’s proposed rule to the FSB’s final international TLAC standard, which was published yesterday.