In an almost unnoticed letter to Senator Mike Crapo, the Chairman Of the Committee on Banking, Housing, and Urban Affairs, The Federal Reserve Board’s Vice Chair for Supervision Randal Quarles, is asking that “Congress should consider modifying section 171 of the Dodd-Frank Act (“the Collins Amendment”) to allow regulators to provide flexibility under Tier 1 leverage requirements as banks respond to increased credit demands.” The purpose of Tier I leverage requirements is for banks to allocate high quality capital, that is, common equity and retained earnings, to help them sustain unexpected losses, especially during a crisis.