Reporters are curating a list of 6 people whose days are numbered under Trump. Recently, I reported one famous name that stands out amongst investors.
However, Donald Trump’s second presidency is very likely to have strong ramifications across a few major industries, specifically in the capital markets.
High-profile officials at the Federal Reserve, FDIC, SEC, and CFPB may exit as Trump reshapes these institutions.
Capital Requirements: Proposed increases in capital requirements for major banks, championed by Federal Reserve Vice Chair Michael Barr, are at risk.
The FDIC board has opposed the compromise, and key players like CFPB Director Rohit Chopra have also held back support, jeopardizing the proposal’s future.
Federal Reserve Leadership: Although Barr’s term extends until 2026, historical precedent suggests he may resign if Trump is re-elected.
Trump’s priority may be to replace Barr rather than current Fed Chair Jerome Powell, whom he has criticized.
FDIC Chair Nomination: With Trump’s victory, the Biden administration’s nominee for FDIC chair, Christy Goldsmith Romero, may be sidelined.
Current FDIC Chair Martin Gruenberg is likely to resign, paving the way for Trump to appoint a Republican successor.
SEC and CFPB Changes: Trump has vowed to fire SEC Chair Gary Gensler on his first day, indicating a shift away from the current administration’s regulatory approach.
CFPB Director Rohit Chopra may also face an uncertain future due to his strict policies.
Senate Banking Committee Leadership: The recent loss of Democratic Senator Sherrod Brown could shift control of the Senate Banking Committee to Republicans, with Tim Scott as a leading candidate for chair.
Open Banking Rule: Unlike other initiatives, the CFPB’s recent open banking rule, which enhances consumer rights regarding financial data, seems secure for now, despite pushback from banking groups.
Overall, Trump’s second term is poised to bring significant regulatory shifts and personnel changes across key financial institutions.
But I’m curious to know from you — who else should be on this list?
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