Starting next year, Washington, DC will start to walk and talk a little more like New York. On the campaign trail, US president-elect Donald Trump’s calls for financial deregulation seemed more like rhetoric than tangible policies. But within days of the election result his intentions for Wall Street became clearer: his transition team announced plans to dismantle the Dodd-Frank Act, and a gaggle of current and former bankers – including Jamie Dimon, Moelis’s Eric Cantor and ex-Goldman Sachs’ Steven Mnuchin – were being floated as potential Treasury chiefs.
Like previous attempts to roll back Dodd-Frank, Trump’s plans to pull apart the US’s package of post-crisis reforms will face big roadblocks. The Republicans’ small majority in the Senate falls short of the 60 votes needed to guarantee a bill makes it to the president.
