The Federal Reserve has taken another step on its post-financial crisis journey toward a stronger, more resilient banking system. But the road stretches on.

The Fed on Tuesday approved final rules regarding new capital standards known as Basel III. These increase requirements for the amount of common equity banks need to hold, among other things. Although most large banks already meet the new, more stringent requirements, their formal adoption shows the US won't backslide, even as some have called for scrapping the Basel approach.