Only time will tell whether the adopted reforms have the intended run-damping effects, but if they do, capital will be much less necessary. Some may raise concerns that increased regulation of nonbanks will only increase moral hazard and increase risk to the system on net. But moral hazard may already be present.
Over the past 20 years and more, governments have sometimes acted to contain damage from distress at nonbanks because of the economic damage that might have resulted from a failure to act. We should always be mindful of moral hazard incentives and seek to contain them, but well-designed regulation might reduce rather than increase moral hazard.