Who’s best for banks?
Whether it’s President Clinton or President Trump, Wisconsin bankers just want some regulatory relief.
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Where do Clinton and Trump stand on Wall Street and banking policy?
In a normal presidential election year bankers might be expected to flock to the Republican candidate, who’s often seen as more friendly to business interests and willing to discuss lowering corporate taxes and reducing regulations than their Democrat counterpart.
This is not a normal presidential election year.
Both Hillary Clinton and Donald Trump have waffled on financial questions and failed to inspire the confidence of bankers at times, according to American Banker Magazine, which covers the banking industry from a national perspective. Trump, in particular, has shown little interest in tackling matters of regulatory reform to benefit community banks.
A rundown of candidate positions on the banking industry from earlier this year by the Wall Street Journal notes the two candidates are often at odds on just what to do about Wall Street banks and the financial sector in general.
Hillary Clinton supports Consumer Financial Protection Bureau action to end unfair practices on Wall Street, and also advocates for reform of the Federal Reserve and greater oversight of the financial industry. Clinton has also come out in favor of permitting large banks to fail if there were another financial crisis and they posed a systemic risk to the economy. Additionally, she would impose a risk fee on big banks that engage in risky behavior.
On the other hand, Donald Trump wants to reduce the power of the Federal Reserve and allow Congress to audit its decision-making. Trump is on record saying he doesn’t think big banks should be broken up or allowed to fail, going so far as to say in an earlier CNN interview, “Whether they fund them or nationalize them, it doesn’t matter, but you have to keep the banks going.” He has also suggested buying back government debt at a discount if interest rates go up and repealing the Dodd-Frank Act.
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