New York (CNN Business)Wall Street dodged a bullet when Elizabeth Warren’s campaign for the White House fizzled out. But Warren, a fierce critic of big banks, could still play a forceful role in shaping policy in a potential Biden administration.
Wall Street’s nightmare: Elizabeth Warren as Treasury SecretaryWeCruitr.io Popular News
If Joe Biden wins in November, Warren is the “favorite” to become the nation’s first woman Treasury secretary, according to Cowen Washington Research Group.
“We believe Warren would be an especially powerful Treasury secretary with Biden likely delegating to her primary responsibility for financial and economic policy,” Jaret Seiberg, policy analyst at Cowen, wrote in a note to clients on Thursday.
The potential for Warren to lead the Treasury Department underscores the sudden swing in financial policy that would likely accompany a defeat for President Donald Trump. After years of lax enforcement and light regulation — if not outright deregulation — big banks could once again come under tough scrutiny.