Once again, the Fed wants to make it real clear to Wall Street that it will let the big banks stay big, but it's gonna cost them.
But, like, it's going to cost a lot.
A proposal before the Federal Reserve on Friday would give large banks another buffer, designed to reduce the "too big to fail" perception of large firms.
Six of eight key U.S. banks would need to raise an additional $120 billion to meet the requirements. Rules aim to reduce the risk of the firms — including Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street and Wells Fargo — derailing markets or needing taxpayer money.
And for the truly large, there will also be some long-term debt obligations on the menu.
The vote on this proposal will go down some time this afternoon, but it looks like it has a solid chance for approval.
"By making the failure of even the largest banks more manageable, the proposed regulation will be another important step in solving the too-big-to-fail problem," said Fed Governor Daniel Tarullo in a statement Friday.
So if you're still in need of a spooky costume for tomorrow, might we suggest dressing up as a "Brian Moynihan realizing that he thinks he has to raise an additional $120 billion?"