President-elect Donald Trump Expected to Adopt Pro-Growth Policies to Ease Banking and Credit Card Regulations
Industry executives expressed optimism that the new administration will adopt pro-growth policies to ease banking and credit card regulations, promoting mergers and acquisitions and encouraging deals. Barclays US Consumer Bank CEO Denny Nealon called for a “reset” in regulations, citing concerns that rules introduced by the Biden administration, such as the Credit Card Competition Act, could “destabilize” the market and ultimately hurt consumers.
Akita Somani, U.S Bancorp’s Head of Inclusive Growth Strategy, agreed that the new administration is likely to pursue a deregulation agenda, setting the stage for industry growth and mergers. The past weeks since Trump’s election have seen bankers become increasingly optimistic about the potential for deals.
Goldman Sachs CEO David Solomon also expressed confidence that the new administration will adopt a pro-growth agenda. While some predict friendly regulators will be installed to roll back perceived onerous regulations, many noted it is still too early to know for certain what economic policies the incoming administration will implement.
