We have learned nothing. The Federal Reserve has cut proposed capital requirements for large US banks by more than half after a backlash from the industry and politicians. Michael Barr, the US central bank’s top regulator, announced a revised plan on Tuesday that imposes a 9 per cent increase in capital requirements on the biggest lenders, down from the 19 per cent proposed last summer. https://www.ft.com/content/86fd9a80-bf46-4711-ab33-e4dcbef5eeb4