September 30, 2025

Statement on Morgan Stanley’s Modified Capital Requirement by Governor Michael S. Barr

Consistent with my view that the Board should use its inherent authority to set individualized capital requirements when appropriate, I support this modified capital requirement. I look forward to seeing the Board use its authority to adjust capital requirements when they are too low, as well as when they are too high, given the risks posed by individual firms.

Last Update: September 30, 2025