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Financial Stocks Fall On Pending Capital Rules

Financial stocks fell on Tuesday after regulators determined that the nation's eight biggest banks will have to meet new capital requirements. The Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corp. are set to vote on doubling the amount of minimum capital requirements to be held at the big banks, known as the "leverage ratio." Under the new proposed rules, the eight largest banks would have to hold 5% of capital and their FDIC-insured bank subsidiaries would have to keep a minimum leverage ratio of at least 6%. This new rule is considered more aggressive than levels set by global regulators and is in response to the financial crisis where several banks came close to collapsing. The new capital requirement rule would take effect on Jan. 1, 2018. The Financial Select Sector SPDR Fund , which tracks financial stocks in the S&P 500 , fell slightly to 0.2%. Goldman Sachs Group Inc. fell 1.65% and was the biggest loser in the Dow Jones Indu...

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