Wall Street is facing an uncomfortable 4 yrs as Mr. Biden plans to nominate 2 Obamaesque consumer advocates to lead Top financial agencies, signaling a tougher stance on the financial industry than anticipated.
Gary Gensler is to serve as Chairman of the Securities and Exchange Commission (SEC) and Federal Trade Commission member Rohit Chopra will head the Consumer Financial Protection Bureau (CFPB).
Progressive Democrats see the agencies as Key to advancing policy priorities on climate change and social justice.
Monday, Wall Street friendly Republicans criticized Mr. Biden for bowing to leftists, warning that such picks will be divisive.
The Biden team is pandering to members of the far-Left, and these men must resist pressure to take over the US’ securities disclosure regime in order to try to fix non-economic issues and/or social problems.
Further to those 2 regulators, anti-Wall Street ‘thorn‘ Senator Sherrod Brown (D-OH) will lead the Senate Banking Committee. He has said he plans to try to repeal Wall Street-friendly rules introduced by President Trump’s regulators.
Have a healthy week, Keep the Faith!