text: The Financial Inquiry Crisis Report ("FCIC Report") issued by the FCIC on January 27, 2011, presented the FCIC majority's view of the effect of the 2004 net capital rule change on leverage by stating: "Leverage at the investment banks increased from 2004 to 2007, growth that some critics have blamed on the SEC's change in the net capital rules...In fact, leverage had been higher at the five investment banks in the late 1990s, then dropped before increasing over the life of the CSE program—a history that suggests that the program was not solely responsible for the changes."