The document discusses proposed new international bank capital standards under Basel III. It notes that: - Basel III sets total risk-based capital at 8%, tier 1 capital at 6%, and common equity tier 1 at 3.5-4.5% - US banks already far exceed these standards, with the largest banks having tier 1 capital ratios around 12% - This means 61 of 62 major US banks will not need to raise capital to meet the 2019 requirements - In contrast, the standards are being lowered to give European banks more time to comply as their capital levels are further behind those of major US banks