Election 2024
Election Preview
Analysts are watching both Vice President Kamala Harris and former President Donald Trump for potential regulatory picks, as well as how strongly Trump advocates for policies like tariffs and deportations that could impact the economy, inflation and bankers' prospects.
Markets welcomed the news of a second Trump presidency.
"If you had the Trump trade on for the last six weeks, it's been outstanding," said Ed Al-Hussainy, a rates strategist at Columbia Threadneedle Investment. "The question is these winning runs don't last forever and is this a good time to take profits."
While the message from investors is broadly positive, there is also a stern warning in the market gyrations.
The surge in Treasury yields underscores concerns that Trump's policies will swell an already bloated budget deficit and reignite an inflation spiral that the Federal Reserve was only just finally quelling in the wake of the pandemic.
Former President Donald Trump rode waves of voter discontent over inflation to win key swing states that he lost in 2020 and reach the necessary 270 votes. He told supporters Wednesday morning that he's been given "an unprecedented and powerful mandate."
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The failures of Silicon Valley Bank, Signature Bank and First Republic shook the banking system and sparked renewed debate among regulators and lawmakers about deposit insurance, bank capital and liquidity rules and resolvability. One year later, some of those policy debates have fallen by the wayside while others have been amplified.
Once a crypto skeptic, Trump corralled tens of millions of dollars in industry support for Republican candidates by promising to make America the Bitcoin superpower of the world.
An index of bank stocks rose 8.5% early Wednesday after Donald Trump won his bid to return to the White House.
Former President Donald Trump rode waves of voter discontent over inflation to win key swing states that he lost in 2020 and reach the necessary 270 votes. He told supporters Wednesday morning that he's been given "an unprecedented and powerful mandate."
Donald Trump quickly put his stamp on financial markets as his march toward victory in the US presidential election propelled "Trump Trade" plays across assets.
Adam Schiff, known as a pro-cryptocurrency lawmaker, has also introduced bills that would regulate "revolving door" employment at banking regulators.
California's 47th Congressional district, which is being vacated by Rep. Katie Porter, D-Calif., after her unsuccessful bid for California's senate seat, is being sought by law professor and Democrat David Min, who has been an outspoken progressive on banking issues. Running against him is Republican Scott Baugh, who ran unsuccessfully against Porter in 2022.
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Potential new Senate Finance Committee Chair Sen. Mike Crapo, R-Idaho, has suggested a potential workaround to offset the cost of extending the Tax Cuts and Jobs Act.
November 4
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Stark warnings about emerging dangers and the perils of isolationism from the former top military official in the U.S. resonate with attendees of the American Bankers Association convention.
October 30
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The Consumer Financial Protection Bureau may face an existential threat if former President Trump is reelected, while the agency could be emboldened if Vice President Harris wins.
October 28
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Recently polled banking professionals held that Vice President Kamala Harris is the likely front-runner for the White House, but former President Donald Trump would be better for the industry.
October 23
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John "Johnny" Allison, the outspoken chairman and CEO of Arkansas-based Home BancShares, used the company's third-quarter earnings call to endorse the Republican presidential nominee. When asked about that decision, he got confrontational.
October 23
