Welcome to Seeking Alpha's Wall Street Lunch. Our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Tuesday, September 10th, and I'm your host Kim Khan. Our top story so far.

The largest U.S. Banks, known as global systemically important banks or GSIBs, would encounter a 9% increase in capital requirements in a revised bank capital overhaul

unveiled by Federal Reserve Vice Chair for Supervision Michael Barr.

That's well below the 19% capital hike regulators floated in the original plan.

The Fed's regulatory head said that regulators will release revised softened versions of the

Basel 3 endgame rule and a separate capital rule for large high-risk lenders.

This marks a victory for Wall Street Banks which have pushed back against substantial

increases in capital requirements.

There are benefits and costs to increasing capital requirements.

The changes we intend to make will bring these two important objectives into better balance in light of the feedback we have received, Barr said.

Still, the too big to fail banks were trading mostly in the red.

J.P. Morgan Chase, City, Golden Sachs, Bank of America, and Morgan Stanley are all lower.

Looking to politics, Vice President Kamala Harris and former President Donald Trump face off in their first presidential debate in Philadelphia tonight. pushed for lowering government spending, easing regulations of companies, cutting corporate taxes, and expanding trade tariffs.

Trump, who call climate change a hoax, plans to repeal the inflation reduction act and eliminate aV. tax credit. He is also called

for boosting U.S. manufacturing and energy production. Harris I's raising taxes for

the wealthy and big corporations, expanding the child tax credit, cracking down on price gouging, and expanding small business tax relief.

Harris had cast the tie-breaking vote to pass the Massive In

the Mass of Inflation Reduction Act in 2022, which aims to lower living costs, reduce medicine prices, and promote clean

energy through incentives.

As for trade, Harris is expected to largely follow President Joe Biden's policies.

Goldman Sachs economists projected that Trump's policies would slow down GDP growth in the second half of 2025 by up to half a percentage point, while Harris's plan would slightly boost GDP growth.

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