Analysts say midterm election results may curb legislation favorable to banks

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After Democrats won control of Congress, TD Securities analysts said the momentum behind legislation favorable to banks may come to an end, but Trump can still exercise veto power, so the actual short-term impact may be limited. With Democrats in control of committees, issues including consumer protection, lending standards and climate disclosures may see more hearings and investigations. The Senate Banking Committee has not yet scheduled a full Senate vote on Brian Johnson’s nomination to lead the CFPB; if Republicans want him to take office, the vote must be completed before the current Congress adjourns.