NEW YORK — President Barack Obama’s re-election and the Senate victory of Elizabeth Warren, who is a fierce Democratic opponent of big banks and Wall Street, has sent shudders through the financial sector.
“An Obama win was definitely not positive for banks,” which would have preferred a win by Republican challenger Mitt Romney, said Jim Sinegal, a Morningstar banking analyst.
Hugh Johnson, head of investment manager Hugh Johnson Advisors, said the Obama administration would likely view the election as a mandate to further step up financial regulations.
“An administration which has already been tough on businesses and tough on banks will continue to be tough, if not tougher,” Johnson said.
He predicted a strong version of the Dodd-Frank financial reform legislation would emerge within the next year or two.
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