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(EstateNewsWire.com, November 16, 2012 ) San Francisco, CA -- As Obama prepares for his second term as President of the United States of America, financial groups are hoping for a fresh start when it comes to financial regulations. The prediction from most experts is that the hope of those financial groups will be for not, and they will be highly disappointed in the end.
The pending financial rules that were held up for the election, are expected to be implemented in quick order. The regulations will be a cementing process of the 2010 financial overhaul that has been dubbed Dodd-Frank. From this, many assume we will see Washington’s attention to be turned toward taxes, fiscal oversight policy, and general entitlements, which have been held in disdain in cabinets of the past.
When it comes to softening Dodd-Frank, financial groups will have to find a less aggressive, more apologetic version in order to see any movement. Such strategies would include: Attempting to slow implementation of the two-thirds of the law’s 398 rules, as those rules are not fully solidified yet, Lobbying the White House to nominate leaders and czars who are more industry friendly when it comes to regulations; Finally, the industries must hope to find some victories in fighting the rules that are implemented and levied against them in court.
While it is possible they can find some assimilation of victory in each of these avenues, it is unlikely they will find the type of sweeping victories they had held hope for if former Governor Romney had found his way into the White House.
“The financial services lobby has been doing everything it can to delay the rules hoping that they will have either a Republican Congress or a Republican president,” said Edward Mills, policy analyst at FBR Capital Markets.
Democratic majority in the Senate, as well as much of the law already being settled, financial institutions who have balked on finding common ground with the White House and Congress in Obama’s first term will find the fight no easier.
“Investors generally know what the political landscape will look like if President Obama is re-elected. A second term . . . will be, in our view, a defense of Dodd-Frank,” analysts at Keefe, Bruyette & Woods said last week.
The financial service industry had put a hefty sum of hope and campaign finances to the Mitt Romney campaign. Part of that strong backing was due more to the disdain for the Obama administration rules, which they saw as threatening their bottom lines.
With the new Obama term now inevitable, the industry must find common ground wherein deals can be struck, else suffer from what is likely to be even stronger sanctions against them.
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