WASHINGTON: As President-elect Donald Trump’s hiring spree captivates White House watchers, the biggest banks are laser-focused on a little-known position that’s neither a cabinet job nor the head of a government agency: a first-ever Federal Reserve vice-chairman to oversee Wall Street.
Trump’s transition advisers are already gathering names for the post established by the Dodd-Frank Act, a sign that there’s at least one part of the law he may not try to eviscerate. The supervision chief is responsible for Fed regulations and arguably has the most sway of anyone in Washington over how firms like Goldman Sachs Group Inc, JPMorgan Chase & Co and Morgan Stanley run their businesses. Should Trump fill the job, his choice would have huge influence on whether banks succeed in dialling-back financial rules.
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