WASHINGTON - A victory for Democratic presidential nominee Joe Biden on Nov. 3 would spell the end of the party for the banking industry which has enjoyed more than $40 billion in regulatory cuts under U.S. President Donald Trump’s business-friendly administration.
Banks and investors were preparing for a Biden victory over the weekend after Trump tested positive for COVID-19 on Friday, in a blow for his campaign. From the relaxation of capital, leverage, liquidity, swap trading and speculative investment rules, to lighter-touch supervision and enforcement, banks have enjoyed a bonanza under the Republican-led Senate and Trump appointees who say the rules were overly burdensome, stymied lending and hurt the economy.
But while Democrats may swiftly overturn some financial rules if they take the Senate, they are likely to focus legislative efforts on Trump healthcare, immigration, environmental and tax policies they hate more, said the sources.That would leave most of Trump’s Wall Street giveaways intact initially, and put financial policy in the hands of Biden’s regulatory appointees who would get to choose whether to spend years unraveling their predecessors’ work.
Overall, though, lobbyists said they would expect a diverse mix of progressives and moderates, even though few are likely to come straight from Wall Street. Appointees are expected to prioritize policies on which Democrats broadly agree - boosting consumer protections and measures to help tackle racial injustice, diversity, wealth inequality and climate change, said Graham Steele, a director at Stanford Graduate School of Business and formerly a senior Democratic aide on the Senate Banking Committee.
What a load of ..
Because THAT'S what's important.
Translation: the looting will continue at full speed even under Biden
financial rules that address racial injustice, environmental and inequality issues,
And why not? Stocks always does better when there's a Democrat in The WH.
Fake news.
Sure
Be honest. Democrats' left wing will push for much harsher regulation.
Sincerely, Joe Biden 303033
Written by Joe Biden
Close Twitter. Tendency to Trump is a violation here. Freedom of thought is violated on Twitter. Dear Trump, shut down Twitter.