STARTRADER:特朗普政府资本新规被曝，竟藏29万亿国债大棋局

Core Viewpoint - The U.S. government is preparing to announce the largest reduction in bank capital requirements in over a decade, marking a significant move in the Trump administration's deregulation agenda [1] Summary by Sections Regulatory Changes - Regulatory agencies plan to lower the Supplementary Leverage Ratio (SLR) in the coming months, which is a key capital adequacy metric for commercial banks [3] - The SLR was established in 2014 as part of reforms to prevent systemic risks in the banking sector following the 2008-2009 financial crisis [3] Industry Reactions - Bank lobbyists have long opposed the SLR, arguing it penalizes banks holding low-risk assets like U.S. Treasury bonds, thus hindering their ability to support a $29 trillion government debt market [4] - Critics express concerns about the timing of reducing capital requirements, citing various risks in the current global economic landscape [4] Potential Benefits - Analysts believe that lowering the SLR could benefit the U.S. Treasury market by allowing banks to purchase more government bonds, potentially lowering borrowing costs [5] - The change may enable banks to regain competitive advantages lost to high-frequency traders and hedge funds since the financial crisis [5] Support from Policymakers - Key U.S. policymakers, including Treasury Secretary and the Federal Reserve Chair, support the relaxation of SLR as a priority for major banking regulators [6] - Currently, major U.S. banks must hold at least 5% of their total leverage as Tier 1 capital, compared to lower standards in Europe, Canada, and Japan [6] Specific Adjustments - One proposed adjustment is to exclude low-risk assets like Treasury bonds and central bank deposits from the leverage ratio calculation, which could free up approximately $2 trillion in balance sheet space for large banks [6] - However, this exclusion could create discrepancies with international standards, raising concerns among European regulators [6] Constraints on Large Banks - Most large U.S. banks are also subject to other regulations, such as stress tests and risk-weighted capital requirements, which may limit the benefits they can derive from SLR reforms [7] - Only State Street Bank is currently significantly constrained by the SLR, indicating that the impact of potential reforms may vary across institutions [7]