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 US$40 billion in regulatory cuts under U.S. President Donald Trump's business-friendly administration.
"This is not 2009 where the stability and soundness of the financial system is the top priority for restoring the economy and the semblance of normalcy," said Klein, who is now a policy director at Washington think tank Brookings Institution. 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.
Progressive firebrand Senator Elizabeth Warren would hold sway over some appointments, particularly at the consumer watchdog which she helped create, and bank regulators. Biden's campaign, which did not immediately comment, has said he plans to use all available tools to reverse Trump's damaging policies. Warren's office did not respond to a request for comment.Progressives have criticized Trump's watchdogs for easing some post-crisis capital, liquidity and leverage requirements, changes which have saved banks more than US$40 billion, according to industry estimates.
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