Wall Street has shifted its financial contributions away from Democrats in this election cycle and into the coffers of Republicans with two goals in mind: to ease tougher new regulations on the financial industry and prod some priorities beyond the Capitol Hill gridlock. “There is a lot of anger in the financial services industry directed at Democrats” because of the new rules on Wall Street, said Bert Ely, bank analyst at Ely & Co. Inc. in Alexandria, Va. “This also increasingly looks like a wave election with a huge shift back to Republicans, and [big banks] want to make sure they’re betting on a winner particularly as it gives them greater access in policy,” said Ely. Legislative observers contend the wave of funding for Republican candidates and causes reflects a desire by the financial services and real-estate sectors to put pressure on regulators to limit costs as they write hundreds of rules based on the bank reform legislation, the Dodd-Frank Act, over the next two years. A Republican-controlled House and a more evenly split Senate, as is expected after the Nov. 2 midterm elections, will help drive the kind of pressure Wall Street wants to exert.
Wall St. banking on GOP to ease new rules
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