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CFA Reg Panel Recap: Improvement under Trump (at the Margins)

February 1, 2017 - On Wednesday, LSTA General Counsel participated on a panel on “Financial Regulation: Impact and Future Changes” at the Commercial Finance Association’s 2017 Asset-Based Capital Conference in Las Vegas.  The panel, moderated by Jeff Wacker of TD Bank, also included Bill Sweet of Skadden and Kathy Dick of Promontory, and focused on the prospects for regulatory and legislative change under the new Trump administration.  The panel’s main point:  Change could happen but don’t expect too much, too soon.  On the legislative side the audience was reminded that even with Republican majorities in both house of Congress and a Republican president, it still takes 60 votes in the Senate to get legislation passed.  With an incredibly ambitious Republican agenda – including reforming the tax code and Obamacare – and resistance from a number of Democrats, it is unlikely we will see a huge amount of movement on the financial front.  There was more hope on the regulatory side, where the focus of the panel was on the Leveraged Lending Guidance.  The panelists agreed that, depending on who gets the key appointments at the banking agencies, there could be some loosening of the reins by the agencies.  But that hope comes with a couple of caveats:  First, the new agency appointees may not assume their roles for many months (if not longer) and, second, the banking agencies are comprised of long-term employees who have a conservative view and even with new leadership may be slow to react.

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