Following Vice President Joe Biden’s apparent victory last weekend, attention has now turned to the transition and implications of a change in administration.
The pandemic and related economic downturn will guide the Biden Administration’s immediate priorities for the financial sector. Given these priorities, and the relatively modest changes in financial regulation under the Trump Administration, regulatory reform is not likely to be a major area of focus in the early period of the administration. Gridlock in Congress also means that the existing regulatory architecture will remain largely intact in the short term and may result in moderate appointees to lead the financial regulatory agencies.
The most significant policymaking is likely to occur at the agencies, where policy goals embraced by the Democratic Party are expected to feature in the agencies’ regulatory and supervisory agendas, including a focus on reducing economic inequality, achieving racial justice and addressing climate change.
The alert memorandum outlines key regulatory areas to watch for our financial institution clients. For our analysis of how the Biden presidency is likely to reshape the broader corporate landscape, please click here.