Biden signals Wall Street crackdown with transition picks

[RandySF]

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."




https://www.politico.com/news/2020/11/12/biden-transition-wall-street-crackdown-436366

[True Blue American]

1. The Times, They

Are a changin’!

[Cha]

3. We told 'em!

[SheltieLover]

2. Excellent! 👏👏👏👏

[elleng]

4. '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,'

[bucolic_frolic]

5. I'm hearing bail-ins, if any, will be a Big Bank affair

Stick to regional banks.

Bail-in refers to confiscatory asset seizure, aka negative interest rates, usually on large deposits.

[pecosbob]

6. This is good news for the country and for the Democratic Party

[Native]

7. Yay! So happy to read this! 😃

[DENVERPOPS]

8. My question:

And why is this article (and others on DU) giving out the Dem's game plan in advance?

It makes absolutely no sense to me why the Dem's or Biden would do this??????

[ancianita]

9. They are in sync with more progressive bankers who want to get into the cryptocurrency markets.

To also let Wall St know that its best lie with Biden's economic advisers and financial planners. And Wall St has already signaled that it's ready, given the Big Meetup of 20 CEO's yesterday, right before all 50 states signaled the end of their election counts.

Something is up, and I'm pretty sure Joe's got this.

[OldBaldy1701E]

10. We will see

I also feel that they are doing this for the 'goodwill' that will allow them to keep on being greedy. I also suspect they already had a plan for when someone like Joe Biden came along. Never underestimate the greed of Wall Street, nor their ability to weasel around restrictions. In other words, I will believe it when I see it happening.

[Hortensis]

11. :) It's not in advance. It's as expected. It's why the GOP leaders

and the new centimillionaire and billionaire classes they serve have been waging scorched earth war to keep Democrats out of power. God, we need the senate.

Btw, read below. Pelosi wasn't revealing any secret to them either. They know this is an existential war. When we finally get enough power, we're going to unbuild them. Obama was able to make a start even though congress was held by them, but of course we lost that ground since.

[JI7]

12. What Game Plan ? These are common and well known positions held by people

[oldsoftie]

13. A FEW of the new bank rules are total bullshit; costing consumers lots of money.

There needs to be a total review of the rush to judgement of a decade ago.
One of the most ridiculous rules I've had to PAY for; refinancing a ballooning investment loan. In the "old days", it was a simple process that cost 100 bucks for paperwork. NOW, you have to pay for a full blown appraisal, even though I ALREADY owe them the money, credit report, etc. A new loan can cost over 1000 bucks. Wasted.

[oldsoftie]

14. 2 other ideas; do away with high frequency trading, no short selling lightly traded stocks.

And I'd like to see no short selling by ANY large funds or investors. Too easy to manipulate prices. If you think its overpriced, buy options to back it up. Short selling lightly traded companies is way too easy to manipulate. Thats what Martin Shkrelli was expert at; shorting, making a big announcement on it, then buying back in after his followers also sold.

And computers shouldnt be able to perform trades that the rest of us cant do. Like the HFTs do.

[greymattermom]

15. Kelly Loeffler

Lock her up. The did it to Martha Stewart.