That endears us here at CLR to Biden’s appointment !
“So she would be a voice for legalization within the Biden administration if he wins in November. That is positive, but Team Biden already was going to sign whatever legalization measure Congress could deliver,” Seiberg wrote.
The Cowen analyst said his shop also views Biden’s pick of Harris as “modestly negative for financials,” noting she opposed a 2018 bank deregulation law. In addition, Seiberg said Harris is likely to advocate for increased enforcement actions by the Consumer Financial Protection Bureau, but a Biden administration already had been on track “seek to boost CFPB enforcement.”
“We see the selection of Sen. Harris as a negative for financial stocks,” Gardner said in a note, but he added that his shop does not think overall that Biden’s announcement “will have a material impact on the markets — vice presidential candidates rarely impact the outcome of an election or a president’s agenda.”
Even so, the analyst said that while Harris “does not have the same history with the financial sector as Senator Elizabeth Warren,” who is known for taking on the sector, KBW had been viewing the California lawmaker as “among the more negative possible candidates for financial stocks.”