Financial institutions are raising billions to meet the Federal Reserve’s additional capital requirements, which will allow them to repay U.S. bailout funds.

Morgan Stanley sold $2.2 billion of common stock, JPMorgan Chase & Co. sold $5 billion and American Express Co. sold $500 million, Bloomberg reported.

JPMorgan and American Express were among nine of the 19 firms that the government determined didn’t need more capital in its stress tests. Morgan Stanley, which raised $4.57 billion last month on regulators’ determination that it needed $1.8 billion, was told to raise even more capital.

None of the companies that received funding through the Troubled Asset Relief Program (TARP) have received approval to repay the government. JPMorgan, Goldman Sachs Group Inc. and Morgan Stanley have applied to refund a combined total of $45 billion in TARP aid, which would lift them from government regulations tied to the program.

Goldman Sachs raised $1.91 billion by selling shares of Industrial & Commercial Bank of China Ltd. after the stock jumped 29 percent in two months.

Meanwhile, Bank of America Corp., the largest U.S. bank by assets, said it has raised nearly $33 billion toward the $33.9 billion in additional capital the government said it needed to raise after the stress tests.

Life insurers with financial arms that have received preliminary approval for TARP funds are deciding whether to take the offer. Prudential Financial Inc. has rejected the money and announced a $1.25 billion offering of its common stock. Ameriprise Financial Inc. also chose not to participate, while Des Moines-based Principal Financial Group Inc. is still deciding.