Banking Regulation**: The two leading candidates have different views on banking regulation. Trump is likely to reinstate deregulation policies that relax oversight on small and medium-sized banks, a move he initiated in 2018. Critics argue this approach could destabilize the banking sector, as seen with recent bank failures like Silicon Valley Bank. Harris, on the other hand, is expected to continue the current administration's push for "common sense" banking oversight, although she hasn't specifically outlined her plans for banking regulation.
1. **Banking Regulation**: The two leading candidates have different views on banking regulation. Trump is likely to reinstate deregulation policies that relax oversight on small and medium-sized banks, a move he initiated in 2018. Critics argue this approach could destabilize the banking sector, as seen with recent bank failures like Silicon Valley Bank. Harris, on the other hand, is expected to continue the current administration's push for "common sense" banking oversight, although she hasn't specifically outlined her plans for banking regulation.
2. **Bank Fees**: Under the Biden-Harris administration, efforts have been made to cap or eliminate certain bank fees, such as credit card late fees and fees for essential banking services. Trump has not prioritized this issue and would likely allow banks to set their own fees, similar to his first term.
3. **Interest Rates**: While the president does not directly set interest rates, they can influence the Federal Reserve through appointments and public pressure. Trump has expressed a desire for more presidential control over rate setting, believing he has better instincts than Federal Reserve officials. Harris supports maintaining the Fed's independence and has stated she would not interfere with its decisions.
4. **Cryptocurrency**: Both candidates have shown some openness to cryptocurrency regulation, but their approaches differ. Harris might support measures to promote digital assets, while Trump has shifted from skepticism to holding cryptocurrency himself. The Republican platform suggests a more favorable stance towards crypto, including defending the right to mine and transact with digital assets.
The next president's stance on these issues could reshape banking practices, interest rate policies, and the role of digital currencies in the financial SYS.