As Donald Trump's upset victory over Hillary Clinton emerged Tuesday night, stock futures fell sharply. But, in some respect, Trump's victory could be a gift to financial institutions that loathed a continuation of the Obama administration's regulatory and enforcement policies. In a speech in August, Trump said he would call for a moratorium on new financial regulations.
On the campaign trail, Trump often called for "dismantling" the Dodd-Frank financial reform law that created the Consumer Financial Protection Bureau, an agency that rankled Republicans ever since it arose from the ashes of the financial crisis. Republican leaders in the U.S. House are pushing legislation that would replace the CFPB.
Trump is set to take control of the White House as Republicans keep majorities in the U.S. Senate and House, giving his administration a powerful position to pursue domestic and international goals. And to make U.S. Supreme Court picks.
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