on March 12, Michelle Bowman, Vice Chair for Supervision at the Federal Reserve, stated on Thursday that after revising a comprehensive bank capital rule, capital requirements for large banks will slightly decrease. This is seen as a major victory for Wall Street banks, which had previously successfully resisted proposals to raise capital requirements in the early drafts. Bowman outlined adjustments to the Basel Accord and the Global Systemically Important Banks (GSIB) surcharge. These rules determine how much money banks need to set aside to absorb potential losses. She said that through a "reasonable calibration" of existing rules, overall capital requirements for large banks will "slightly decrease." She added that these adjustments will eliminate overlapping regulatory standards and better align capital requirements with the actual risks of banks, while noting that the practice of continuously increasing banks' loss-absorbing capital in recent years has been misguided.