WASHINGTON – Democrat Joe Biden's narrow victory in the presidential election shifts the balance of power in the capital over key banking policies.
After an election day where there was no result and uncertainty lingered most of the week, Biden was declared the winner over President Donald Trump after major news networks predicted he had won the major battlefield state, Pennsylvania. As of Saturday morning, Biden should have 273 to 214 votes for Trump.
Biden's defeat of the incumbent after a bloody presidential campaign in 2020 will give the new government significant powers to appoint new financial regulators, shape measures like the future of real estate finance and the reform of the Community Reinvestment Act, and possibly drive progressive banking ideas that have not been successful in traction under a republican government. The president-elect may have to grapple with a divided Congress, however, as Democrats still have a steep climb to fill enough Senate seats to take control, with some key races yet to be decided.
It remains to be seen what steps the Trump administration could take with two and a half months in power. Key regulatory leadership positions are somewhat uncertain, and legislative priorities like marijuana banking and anti-money laundering reforms are pending in Congress.
Here are key areas of banking policy that could be turned on its head as a result of Biden's victory.
With contributions from Kate Berry, Brendan Pedersen, Kevin Wack and John Heltman.