The Clearing House released its fourth working paper in its series on the Value of Large Banks, which focuses on the costs of macroprudential regulation and the net impact of government policies on banks. The research paper, titled Working Paper No. 4: Quantifying the Impact of Macroprudential Regulation on the Largest U.S. Banks, builds on and provides supporting evidence for the Third Working Paper’s conclusion that the cost of compliance with regulations imposed on large banks must be factored into any assessment of whether large banks enjoy an unfair funding advantage and any future government efforts to address possible “too big to fail” effects or perceptions. This working paper estimates the costs to the largest U.S. banks of complying with certain regulations imposed on those institutions and concludes that those regulatory costs are significant. Indeed, The Clearing House's July 2014 study of the cost to U.S.-based global systemically important banks with greater than $500 billion in assets of complying with six regulations uniquely imposed on the largest banks to be between $27 and $45 billion per year.