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Minimum capital regulations play a central role in banking regulation. Regulators require banks to maintain capital above a certain level in order to correct incentives to make excessively risky loans and investments. However, it has never been clear how regulators determine how high or low the minimum capital-asset ratio should be. An examination of U.S. regulators' justifications for five regulations issued over more than 30 years reveals that regulators have never performed (or at leastdoi:10.2139/ssrn.2493968 fatcat:ndrnpjhc7zcmde5forxsllsbdm