US regulators may propose a rule raising capital requirements for larger banks, forcing them to cut expenses and keep earnings to protect clients and investors from potential losses.

The proposal, agreed on by the Federal Deposit Insurance Corporation and the Federal Reserve, is the first in an extensive attempt to tighten bank monitoring, especially after three significant financial firms failed in spring.

The rule would implement a 2017 global regulator agreement to change how banks assess risk and how much money they must maintain on hand.

Banks are trying to soften, postpone, or derail the government’s long-planned effort by criticizing the plan, claiming the increases are unreasonable and economically detrimental.

The banking industry is determined to fight on major issues between Thursday and the final rule’s approval.