For big banks, long aligned with Republicans on Capitol Hill, a Democratic-controlled House or Senate could offer unexpected opportunities.
Financial industry giants want Congress to stop crypto companies from paying interest and write clearer rules of conduct for AI. Democrats like California Rep. Maxine Waters , the potential chair from the House Financial Services Committee, and even from the senator from Massachusetts. Elizabeth Warren who could lead the Senate Banking Committee, could be potential allies, according to financial services lobbyists and banking industry insiders.
This collaboration would be surprising since Warren And Waters have for years been the megabanks’ most vocal opponents on Capitol Hill, even as they support smaller regional lenders. Yet the two have aligned their thinking on crypto rewards and AI regulation. Bank lobbyists and trade groups will be counted on to help push industry-friendly legislation through a Democratic Congress.
“There are good opportunities for banks to work with Democrats in committee on their priorities,” said James Ballentine senior consultant at Ballentine Strategies, a government relations firm for financial services companies.
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