It’s no secret that banks have a vested interest in the outcome of the upcoming presidential election. While they may not publicly endorse a candidate, it’s safe to say that many in the banking industry are rooting for Donald Trump.
One of the main reasons banks may be leaning towards Trump is his track record of rolling back regulations. Since taking office, Trump has made it a priority to reduce the regulatory burden on banks, which has been met with praise from the industry. By cutting red tape, banks are able to operate more freely and potentially increase their profits.
In addition to deregulation, Trump’s stance on taxes is another reason banks may be in his corner. The Tax Cuts and Jobs Act, which Trump signed into law in 2017, significantly lowered the corporate tax rate. This has allowed banks to keep more of their profits, which can have a positive impact on their bottom line.
Furthermore, Trump’s administration has been supportive of the banking industry in other ways, such as appointing industry-friendly regulators and advocating for policies that benefit banks.
While it’s important to note that not all banks are necessarily rooting for Trump, it’s clear that his policies have been favorable to the industry. As the election draws nearer, it will be interesting to see how the banking sector continues to respond to the potential outcomes.