The banking sector moved into positive territory this morning following news that Donald Trump emerged victorious in the 2024 presidential election. Major banks – including JPMorgan Chase (JPM), Goldman Sachs (GS) Morgan Stanley (MS), Wells Fargo (WFC) ), Bank of America (BAC) and Citigroup (C) – likely see benefits in possible deregulation under Trump’s second administration. term.

“It’s a reflection of the fact that the Biden administration’s financial services agenda is kaput, and we can make the argument that it was kaput before because the banking sector has been very lucky in closing some of the most important regulations proposed by the government. the Biden administration in court across the country,” Punchbowl News reporter Brendan Pedersen tells Catalysts.

“At this point, all those legal challenges might as well be over because the Trump administration regulators are going to step in and just pull them back.”

Pedersen discusses the likely role of Senator Tim Scott (R-SC) as the next chairman of the Senate Banking Committee, highlighting a notable change in tone for the committee from the leadership of Senator Sherrod Brown (D). Ohio.

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This post was written by Luke Carberry Mogan.