A new rule requiring US banks to give customers free access to their data was part of a push by the Biden administration to promote competition in finance—one that now hangs in the balance as Donald Trump prepares to return to the White House.
While enthusiasm for some of the Biden administration’s initiatives targeting finance split across party lines, Trump’s victory was met with cheers on Wall Street, with bankers expecting a more hands-off approach.
“Reflexive deregulation in the name of promoting competition is likely to be the order of the day,” Dan Awrey, a Cornell Law School professor ...