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Biden’s transition team recommends stricter oversight of Wall Street



Ms. Roper said: “Private funds that have always wanted unrestricted access to people’s retirement accounts should start to rethink their strategies.”

The Biden campaign does not allow members of the institutional review team to talk to the media, so it is difficult to know their thoughts and plans. But it is clear that the Republicans pushed the two remaining Trump nominations to the Federal Reserve Board at the last minute, which may limit their ability to influence immediate changes in financial regulation.

Senate Republicans made it clear on Thursday that they will try to identify the two Judy Shelton and Christopher Waller before Trump leaves office. If both of these proposals are approved, this is likely to happen. Trump will fill six of the seven seats on the powerful Fed’s board of directors, lock in a conservative majority that may last for several years, and possibly continue easing. Pave the way for financial supervision. .

Although the Fed is known for setting interest rates (largely a nonpartisan activity), it is also one of the most powerful financial regulators. Moreover, although voting rights on monetary policy are shared with the Federal Reserve’s regional banks, only board members have voting rights on the rules governing the largest banks.

The work that the Republican Fed’s heavyweight Fed can only do on its own will be limited. In the past, many of the more important bank restrictions (such as adjustments to the Volcker Rules to prevent banks from betting with their own money) have been set across institutions.

Trump appointed Federal Deposit Insurance Corporation Chairman Jelena McWilliams (Jelena McWilliams) that she plans to fulfill her entire term of office until 2023, when her term expires. But Mr. Biden will be able to replace the acting controller of the currency. Soon and expected to do so, other important roles, such as the Secretary of the Treasury and the Director of the Consumer Financial Protection Bureau, are likely to be quickly transferred to the Democratic Party.

This is why the industry coordinates with who in the agency review team, which can set the tone for what is coming.

“If these people become policymakers, it will be a major change in the direction of financial regulation,” said Christopher Campbell, Assistant Secretary of the Treasury Department of the U.S. Treasury from 2017-18. “From my perspective, the landing forces are those who seem to be more active than the centrist.”


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