Joe Biden won’t rattle the banks and financial people too hard due to the economy….
But the people he is recruiting are old hands and they are polar opposites of Trump & Co…..Some will be from the 2008-2009 comic meltdown and they will need that experience to deal with the ailing current economy that is looking for financial help that McConnell and Republicans in the Senate aren’t in a hurry to supply knowing the Joe Biden will holding the ‘bag’ in two months…
Also?
As in other area’s….
Where Trump didn’t staff things up?
THAT isn’t gonna happen….
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.”
News of the appointments buoyed the hopes of progressives who have been skeptical about whether Biden would try to rein in Wall Street. Bharat Ramamurti, a former aide to Sen. Elizabeth Warren (D-Mass.), said it was an “all-star” team of “smart, aggressive experts who understand exactly how our current financial rules fall short.”
To be sure, the involvement of Wall Street critics in the agency review process doesn’t guarantee that Biden will adopt their views. The team’s role is part reconnaissance and part preparation for Biden’s coming nominees. One transition official said it was not their job to create policy.
Biden, for his part, is no enemy of Wall Street. During the campaign, he and groups working on his behalf collected $74.4 million from the securities and investment industry, outraising Trump by $56.3 million, according to Open Secrets. Private equity executives, a major target of Warren and other liberals, were also among Biden’s most prominent financial backers….
image…Chip Somodevilla/Getty