智通财经网·2025-06-18 12:15Core Viewpoint - The Federal Reserve is considering relaxing leverage requirements for large banks, initiating a broader review of banking regulations, particularly the Supplementary Leverage Ratio (SLR) [1][2] Group 1: Regulatory Changes - The Federal Reserve's policy committee will hold a meeting on June 25 to discuss potential modifications to the SLR, which mandates banks to hold a capital ratio against all assets regardless of risk [1] - The meeting will be the first under the newly confirmed regulatory head, Michelle Bowman, who is expected to advocate for a more lenient regulatory approach [1][2] Group 2: Industry Implications - The SLR, originally intended as a baseline requirement, has become a rigid constraint limiting the lending capabilities of major financial institutions, particularly during periods of market liquidity stress [2] - If the SLR is adjusted to exempt U.S. Treasury securities or lower the capital requirements, it could release hundreds of billions in capital, allowing major banks like JPMorgan, Citigroup, and Morgan Stanley to expand their balance sheets and enhance shareholder returns [3] - A more relaxed SLR could significantly boost the return on equity (ROE) for Wall Street firms and provide room for stock buybacks and dividends, particularly benefiting investment banks like Goldman Sachs and Morgan Stanley [3]