Last week was a big one for big banks, but not quite the one for which they had hoped. Although GOP Members of House FinServ were sympathetic to industry complaints about the cost of higher capital, Chairman Hensarling (R-TX) made it clear that, at least as far as he is concerned, risk-based capital relief comes with a leverage price tag attached. We covered the hearing at which he said this in daily alerts, as well as analyzing a report from the Office of Financial Research worrying about the compound and contradictory effects of all the tough capital and liquidity rules.

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