“Broad implications for financials: We think the main result of Donald Trump’s election will be that Trump will be able to appoint regulators who are more industry friendly than regulators appointed by President Obama. The regulatory implications are more important than what might come out of Congress but are broadly positive for financials in our view,” according to a KBW note posted by Ben Levisohn of Barron’s.

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Trump has said he would “dismantle” financial reform, or the Dodd-Frank financial reforms, that have caused big banks to take on increased capital requirements to obviate another depression event associated with high-risk debt.

“We think SEC Chairman Mary Jo White might resign before her term ends. We do not think White has been bad for investment banks but we thought possible Clinton nominees would be a negative for the industry because we expected Clinton would nominee an ally of Elizabeth Warren to the SEC chairmanship,” according to the KBW note featured in Barron’s.

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Financial Select Sector SPDR