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Wall Street Banks, The Fed and Politics

edited March 2021 in Other Investing
On March 31, an emergency pandemic regulatory relief measure that for the past year has allowed Wall Street banks to hold less loss-absorbing capital against certain assets is due to expire.

Appearing to yield to the industry could put a second term in jeopardy for Powell, who was appointed Fed chief by former Republican President Donald Trump, because anti-Wall Street progressives control the Senate Banking Committee, which vets Fed nominees, and hold sway over White House financial nominees, analysts said.

“Powell (is) in a politically precarious position,” said Isaac Boltansky, director of policy research at Washington-based Compass Point Research & Trading. “This decision will leave someone politically important unhappy with him.”
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