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Biden signals Wall Street crackdown with transition picks
Politico
News of the appointments buoyed the hopes of progressives who have been skeptical about whether Biden would try to rein in Wall Street.
By ZACHARY WARMBRODT
11/12/2020 06:16 PM EST
President-elect Joe Biden’s transition team has recruited a who’s-who of Wall Street critics to help launch his administration, the latest indication that the days of light-touch bank regulation under President Donald Trump are coming to an end.
Leading the transition’s preparation to run financial regulatory agencies is Gary Gensler, an Obama-era regulator — and former top Goldman Sachs executive — who enraged big banks by imposing sweeping new rules on the industry in the wake of the 2008 financial crisis.
Gensler's team includes former Democratic congressional aides who played a major role in drafting tougher laws for financial firms after the subprime meltdown and later fought efforts to water them down. One member has rattled bank executives for years as the head of one of Washington’s leading financial reform groups, Better Markets. Another is an advocate for the Postal Service offering financial services that would compete with banks.
"The larger the bank the more nervous they are," said Cam Fine, the former CEO of the Independent Community Bankers of America, a leading industry association for small lenders. "This group is enormously consequential."
snip
News of the appointments buoyed the hopes of progressives who have been skeptical about whether Biden would try to rein in Wall Street.
By ZACHARY WARMBRODT
11/12/2020 06:16 PM EST
President-elect Joe Biden’s transition team has recruited a who’s-who of Wall Street critics to help launch his administration, the latest indication that the days of light-touch bank regulation under President Donald Trump are coming to an end.
Leading the transition’s preparation to run financial regulatory agencies is Gary Gensler, an Obama-era regulator — and former top Goldman Sachs executive — who enraged big banks by imposing sweeping new rules on the industry in the wake of the 2008 financial crisis.
Gensler's team includes former Democratic congressional aides who played a major role in drafting tougher laws for financial firms after the subprime meltdown and later fought efforts to water them down. One member has rattled bank executives for years as the head of one of Washington’s leading financial reform groups, Better Markets. Another is an advocate for the Postal Service offering financial services that would compete with banks.
"The larger the bank the more nervous they are," said Cam Fine, the former CEO of the Independent Community Bankers of America, a leading industry association for small lenders. "This group is enormously consequential."
snip
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