Finance
Banks Eye Trump Regulatory Reprieve, Starting With Capital Rules
- Bank executives anticipate relief from proposed capital plans
- Shares of the biggest firms soared after Trump won election
Despite the looming questions, a sense of ebullience emerged across Wall Street as the election results rolled in this week.
Photographer: Amir Hamja/BloombergThis article is for subscribers only.
Inside the biggest US banks, the mood ranged from cautious optimism to jubilant this week as they eyed the prospect of relief from their common foe: the Biden-era regulators.
Harsher regulation in recent years, led by the proposed higher capital rules known as Basel III Endgame, united the industry in defiance as it fought back like never before. The big banks and the trade associations that represent them poured millions of dollars into a lobbying effort, and scored a concession when the Federal Reserve said it would unveil a softer version.