Two developments signal for the first time in my memory a cut back in bank powers. The Fed is restricting physical commodities activities and merchant banking activities in its proposed rule just below. In the same vein, the OCC is restricting national bank activities in industrial metals—i.e., copper. These proposals are reversing decisions made many years ago and have seemingly operated without any appreciable losses to the banking industry. The Fed is exempting certain banks from the full range of capital requirements and stress test is a proposed rule.