Trump’s Squatters
Also adding to the uncertainty is that Biden wouldn’t immediately be able to replace all of Trump’s regulators because several don’t have to leave their jobs with a change in administration.
They include Fed Vice Chairman for Supervision Randal Quarles, who has more than a year left in his term and has given no indication that he will step down. He’s led the charge in quietly relaxing post-crisis constraints, such as a June revamp of derivative rules that could free up an estimated $40 billion that Wall Street banks had been forced to set aside for protecting swaps trades.
Warren’s status, too, is up in the air. Biden has said she is under consideration for the vice president slot, and she has also been talked about for a cabinet position. But if she remains in the Senate, Warren could lead the drive for progressive regulators.
Thwarting Nominees
While progressives say they don’t expect to win all their battles under a moderate Biden administration, they do have some experience defeating nominees during the Obama years. That includes helping thwart the likely nomination of Summers, who serves as a paid contributor to Bloomberg Television, to run the Fed. That campaign led to the confirmation of Janet Yellen, the first woman to head the central bank.
“The basic issue vis-a-vis Wall Street is that we want to make clear that Biden World should ask itself a question,” said Hauser, of the Revolving Door Project. “Is this person worth the hassle?”
--With assistance from Jennifer Epstein.
This article was provided by Bloomberg News.