Economic consequences of the COVID-19 pandemic have led to an unprecedented global financial crisis with no end in sight. When it comes to stabilizing the financial system, the US president and his Democratic challenger have different approaches in mind.

A second Trump administration would continue to see a loosening in financial regulation, while the Biden campaign has pledged to build on the Dodd-Frank Act, reflecting the major policy differences between Democrats and Republicans, as discussed in an October 16 Wall Street Journal article (subscription required).

Mayer Brown Government & Global Trade partner Andrew Olmem (DC), a former National Economic Council deputy director under President Trump, said the Trump administration "will continue its focus on pragmatic, pro-growth regulatory reforms that enhance the resiliency of financial markets, encourage the use of fintech, and expand access to the financial system."

Jacob Lew, Treasury secretary in the Obama administration, says that a Biden administration could "build on the achievements of Dodd-Frank to ensure that consumers have a voice, that regulators can spot and address outsize risks, and that our system is one in which everyone plays by the rules."

The article goes on to analyze how the outcome of the upcoming presidential election could impact money-market mutual funds, bank regulation, consumer financial protection and securities regulation.

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