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ARTICLE · 11 NOVEMBER 2020

Post-Election Analysis 2020: Financial Services

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While the financial services sector remains a frequent target of criticism from many progressive lawmakers, it remains unclear whether Democratic control of the House and the White House...

United StatesFinance and Banking
Charles Yi
Charles Yi
Paul Howard
Paul Howard
Christopher Allen
Christopher Allen
David Freeman, Jr.
David Freeman, Jr.
Amber A. Hay
Amber A. Hay
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Key Takeaways

  • Greater Democratic control in Congress and the executive branch is likely to result in a greater emphasis on oversight and investigations of financial institutions, a reemphasis on financial consumer protection enforcement, and an enhanced focus on promoting diversity and inclusion in the financial services industry, among other key priorities.
  • Many of these priorities have already seen action in the Democratic-controlled House of Representatives in the past two years, but have stalled in the Republican-controlled Senate. While the Republican Senate is likely to remain a check on Democratic priorities, issues with at least some bipartisan support have enhanced prospects. One such measure, legislation aimed at creating a safe harbor for providing financial services to legitimate cannabis businesses, now has a greater likelihood of success in the 117th Congress.

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