Biden’s Transition Teams Suggest Tougher Wall Street Oversight
Alan Rappeport and Jeanna Smialek
For four years, Wall Street has benefited from the Trump administration’s push to loosen bank rules and weaken post-crisis financial regulations. President-elect Joseph R. Biden Jr. appears ready to shift things in the opposite direction, bringing back stricter oversight of the financial industry.
The transition teams that Mr. Biden selected to review finance-related agencies are filled with proponents of stronger regulation, jarring industry groups that are suddenly fearful the moderate Democrat is preparing for an unexpected onslaught of corporate oversight. The burst of anxiety reflects the uncertainty surrounding Mr. Biden’s approach and worries of a sharp reversal from President Trump’s steady rollback of regulations across the federal government.
Among those selected for the financial regulatory transition teams are Gary Gensler, who led the Commodity Futures Trading Commission during the Obama administration. He pushed through dozens of tough rules in the wake of the 2010 Dodd Frank law, including some that the Trump administration has watered down.
Also on the teams are Leandra English, a former deputy director of the Consumer Financial Protection Bureau, and Dennis Kelleher, a co-founder of Better Markets, a prominent financial reform advocacy group. Ms. English tried, unsuccessfully, to prevent Mr. Trump from installing a critic of her bureau, Mick Mulvaney, as its acting director three years ago.