Election 2020: What Should the Banking Industry Expect from Biden or Trump?
Public Policy & Regulation Partners Kara Ward and Ronald Klein were cited in a Banking Dive article previewing what the banking industry could expect from a first-term Biden or second-term Trump administration. Although financial policy has not been prominently featured in either candidate's campaigns, analysis of Biden's platform and Trump's four years in office yield some insight as to what bankers can expect post-election. Their comments were taken from Holland & Knight's Election 2020: Potential Impacts - Financial Services webinar hosted earlier this month.
Both attorneys offered projections for the future of cannabis banking and legislation including the Secure and Fair Enforcement (SAFE) Banking Act, which aims to protect banks that service legal cannabis businesses. Ms. Ward said she would expect such legislation to gain ground under a Biden presidency, just not right away.
"I think something happens [with cannabis banking] in the next four years, but I would bet that it happens in the latter part of the four years," she said. "I don't know if the country's quite ready this year or next year to make it easier, but the first shoe to drop, in my opinion, is cannabis banking becoming more easy to do."
Mr. Klein echoed Ms. Ward, adding that pressure from businesses will sustain a push for legislative action.
"I think there's a lot of pressure from underneath to get it done and there are a lot of businesses that are interested in doing it," he said. "And clearly, there are still a lot of political views that it's not the right thing to do. But I think the cow's out of the barn — it's already operating in many states."
Ms. Ward also commented on Biden's potential Cabinet picks, one of whom is Sen. Elizabeth Warren. She said it's unlikely Warren would give up her Senate seat, citing a Massachusetts law that would allow the state's Republican governor to pick a (presumably) conservative lawmaker to fill the empty seat.
"That could change the balance of power in the party," she explained.