Wall Street braces for tougher rules under Democratic majority

 

Source: Sylvan Lane, The Hill

The Democratic takeover of the Senate means the financial services industry can expect stricter rules and tougher oversight once President-elect Joe Biden takes office.

Narrow Democratic majorities in both chambers will likely prevent the party from passing the most ambitious parts of its agenda, but flipping the Senate still allows Democrats to install tougher financial regulators and give them more powerful tools to accomplish long-standing goals.

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