The banking industry is poised to benefit from Republicans lawmakers having a newly elected president from their side of the aisle to sign financial regulatory relief bills into law.
With the stunning victory of Donald Trump over Hillary Clinton, Republicans now have control of the legislative and executive branches. This grip on Washington bodes well for Republican moves to scale back regulations that have been blocked by Democrats and President Obama, analysts said.
Although Trump has been relatively mum on his plans for banking policy, he said last year that the government should “get rid of” the landmark Dodd-Frank Act passed after the financial crisis.
“The election could upend much of the Dodd-Frank Act and much of the financial regulatory structure,” Justin Schardin, director of the Financial Regulatory Reform Initiative at the Bipartisan Policy Center, told The Hill Extra. “We have little idea of what Trump will do but he has said he would dismantle the Dodd-Frank Act.”