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On November 28, 1988, the Federal Home Loan Bank Board (FHLBB) announced proposed changes in capital requirements for thrifts. These requirements were designed to be phased in and to take full effect by January 1, 1993. According to a report in the November 29, 1988, edition of The Wall Street Journal, the proposed rules would raise the average capital requirement to 8 percent of assets from a current range of 3 percent to 6 percent. The amount of capital required would be determined by the risk level assigned to certain types of loans and to a thrift's level of interest rate exposure. Specifically, investments in equities would be considered six times more risky than ...