In a recent Banking Dive article, journalists Caitlin Mullen and Dan Ennis examine the changes to US regulatory leadership coming down the pike with Donald Trump's return to the Presidency.
Alongside a general softening of regulatory policy, there will almost certainly be substantial turnover among regulatory leaders, Mullen and Ennis write. Although Michael Barr's term as Vice Chair for Supervision of the Federal Reserve lasts until 2026, precedent suggests he might step down. Were he to do so, Fed Governor Michelle Bowman may take his place, they speculate. Federal Deposit Insurance Corporation Chair Martin Gruenberg is also expected to exit, they explain, with Republican Vice Chair Travis Hill likely to assume the role.
Other regulators are sure to be impacted, as well. Securities and Exchange Commission Chair Gary Gensler appears likely to depart, as Trump has pledged to fire Gensler on "Day 1" due to his "anti-crypto crusade." According to Marquette University's Kent Belasco, Consumer Financial Protection Bureau Director Rohit Chopra "may not be there for the long haul" due to his hardline regulatory stance.
The election will also impact the Congressional committees that oversee the banking regulators. Democratic Senator Sherrod Brown, Chair of the Senate Banking Committee, lost his reelection bid. And, as the Democrats' already thin margin in the Senate disintegrated, a Republican Senator will take charge of the Banking Committee and its oversight function.
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