What does “recalibrating” the Leverage Ratio mean?

There has been a lot of talk lately about recalibrating the Leverage Ratio, especially in the US where the enhanced Supplementary Leverage Ratio (eSLR) of 5% for holding companies and 6% for banks means that this is why business activities stop. While it’s easy to say “recalibration,” this could take many forms in practice.
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