The Presidential Daily Brief

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  1. Fed Tells Major U.S. Banks to Raise $68 Billion to Be Safe

    The U.S. Federal Reserve approved a new rule on Tuesday forcing the country’s biggest banks to increase their loss-absorbing capital. The $68 billion cap will affect eight large lenders, including JPMorgan, Citigroup and Bank of America, putting greater restrictions on their borrowing power than overseas competitors. They will be forced to hold capital worth at least five percent of their total assets. Bank regulators say the rule, which takes effect in 2017, is necessary to reduce the risk of another economic crisis. 

    Sources: BloombergCNN

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