Wall Street’s Best Blue Wave Defense Is Crew of Trump Holdovers
- Even if Biden wins, Trump regulators may keep jobs for months
- Terms won’t soon expire for bank, Fannie-Freddie watchdogs
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Wall Street executives fretting that Democrats will sweep the White House and Congress can take comfort -- some of the Trump era’s most bank-friendly regulators might stick around no matter how the election goes.
The possible holdovers, who occupy powerful jobs at the Federal Reserve and other agencies, have months or even years left on their terms. Because they work at independent watchdogs that are supposed to be insulated from politics, they can resist pressure to step down, and a President Joe Biden would have almost no legal recourse to remove them.