Federal Reserve officials said that US regulatory agencies will make comprehensive changes to the draft of bank capital reforms, and the impact on large banks is expected to be halved compared to the preliminary plan, with small banks being exempt from a large part of the measures. The proposed revisions will be previewed by Michael Barr, Vice Chairman of the Federal Reserve in charge of supervision. The regulatory authorities originally planned to increase the capital of the eight largest banks by 19%, but the new rules plan to cut that magnitude in half. Citigroup, Bank of America, JPMorgan and other banks will be required to raise their buffer capital by 9%. The revised proposal may alleviate the key concerns of Wall Street banks. After the Federal Reserve and two other financial regulatory agencies released the capital plan for the first time in July 2023, Wall Street banks launched intense lobbying activities. The revision of the capital reform plan may also help avoid long-term legal battles with the industry. The banking industry believes that the initial plan would harm the economy and put US banks at a relative disadvantage compared to international competitors and non-bank lending institutions.