Bank Stocks Instantly Go Lower On News That Obama Will Appoint Chief Of Consumer Protection Bureau

The news of the moment is that Obama will use the power of a recess appointment to install a head of the Consumer Financial Protection Bureau, which is something Republicans (and the banking industry) have opposed.

Bank stocks have instantly jutted lower on the news.

Here’s Bank of America, going from down under 2% just under 3% inĀ  a matter of seconds.


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