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Then there are the capital rules.
然后是資本規則。
If bankers have to hoard capital in order to boost buffers there will not be much left to pay dividends or do buy-backs.
如果銀行家們為了增加緩沖而不得不囤積資本，那么就沒有多少資金用于支付股息或回購了。
Bankers are concerned that the rules could even spell the end game for their business.
銀行家們擔心，這些規定甚至可能意味著他們業務的終結。
Jamie Dimon, boss of JPMorgan Chase, America’s biggest bank, has remarked that less regulated competitors, such as growing private-credit firms, should be “dancing in the streets”.
美國最大的銀行摩根大通的老板杰米·戴蒙曾表示，約束較少的競爭對手，如成長中的私人信貸公司，應該已經在“在街上歡樂起舞”。
Marianne Lake, JPMorgan’s head of consumer banking, has described the situation as “a little bit like being a hostage”.
摩根大通消費者銀行業務主管瑪麗安·萊克將這種情況描述為“有點像當人質”。
The requirement was so shocking at first that “even if it changes a bit, you sort of are grateful for that,” she has admitted, despite the pain it will nevertheless cause your company.
她承認，這一要求起初非常令人震驚，“即使有一點改變，你也會心存感激”，盡管這將給你的公司帶來痛苦。
The fight over the proposed changes has become ugly.
圍繞擬議改革的爭論已經變得非常激烈。
Although bankers typically lobby behind closed doors, the new requirements have pushed them into open warfare.
盡管銀行家們通常會選擇閉門游說，但新要求已將他們推向公開戰爭。
They have pointed out that the proposals would quadruple the risk-weighting given to “tax equity” investments, a crucial source of financing for green-energy projects under President Joe Biden’s Inflation Reduction Act.
他們指出，這些提案將使“稅收股權”投資的風險權重增加四倍，而根據喬·拜登總統的《通貨膨脹削減法案》，“稅收股權”投資是綠色能源項目的重要融資來源。
Some lobbyists reportedly may sue the Federal Reserve for failing to follow due process and argue that the regulator should give people more time to comment once it has been followed.
據報道，一些游說者可能會起訴美聯儲未能遵循正當程序，并辯稱監管機構在遵循程序后應給人們更多時間發表評論。
These tactics could work.
這些策略可能會奏效。
The Fed might water down its plans, or a back-and-forth might push the proposals into a grey zone ahead of America’s presidential election.
美聯儲可能會淡化其計劃，或者在美國總統大選之前，一來一回將這些提議推入灰色地帶。
The rules are subject to review by Congress, and it will have few days in session next year owing to the primaries, summer recess and the election itself.
由于初選、夏季休會和選舉本身的原因，明年國會會期只持續幾天。
As the odds of a Republican presidency rise, so do the chances that a later review would result in much smaller increases in capital requirements.
隨著共和黨總統當選的幾率上升，隨后評估導致資本要求大幅上調的可能性也在上升。
Still, an investor might feel queasy at making that bet.
不過，投資者可能會對這一押注感到不安。
So one looking at banks might turn his attention to Europe instead.
因此，關注銀行的人可能會把注意力轉向歐洲。
Unlike in America, funding costs have not climbed much, in part owing to weaker competition.
與美國不同的是，歐洲融資成本并沒有攀升太多，部分原因是競爭減弱。
The result has been a steady stream of earnings upgrades.
其結果是不斷有公司調高收益。
After nine years of negative rates the return to positive ones has been “like rain in the desert”, says Huw van Steenis of Oliver Wyman, a consultancy.
奧緯咨詢公司的休·范·斯蒂尼斯表示，在經歷了9年的負利率之后，正利率的回歸就像“沙漠中的甘露”。
Extra capital requirements from Basel 3 are more modest in Europe.
巴塞爾協議3的額外資本要求在歐洲更為溫和。
An investor might want to buy shares in a bank, then.
那么，投資者就可能有意愿購買銀行的股票。
But for the first time in a long time, perhaps he should consider a European one.
但在很長一段時間里，這也許是他第一次應該考慮一個歐洲銀行。
