Obama's re-election means "Democrat's financial policy agenda over the next two years will be far more about defending their past achievements than scoring new ones," writes American Banker’s Kevin Wack.
Though the Republican push to repeal or significantly roll-back the Dodd-Frank Act may be weakened by the Romney loss, there’s still much in the air in terms of implementation, as "some Democrats are joining their Republican counterparts in pressuring the agencies responsible for implementing the law to adopt the suggestions of industry," writes Wack.
The Obama victory has an important implication for the Consumer Financial Protection Bureau. It ensures that when director Richard Cordray’s term expires at the end of 2013 a president supportive of the agency with be making the next nomination.
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