It looks increasingly like the Democrats will win unstoppable, filibuster proof supermajorities in both the House and the Senate. So what do the Democrats have planned for Wall Street? Powerful congressman Barney Frank made an appearance on NBC’s Nightly News last night to promise the biggest increase in financial regulation “since the New Deal.”
High on the priority list will be putting hard caps on Wall Street compensation, according to the
Business & Media Institute.
“There’s nothing we can do to stop it immediately,” Frank said. “But we will be regulating next year in a way that hasn’t been seen, I think, since the New Deal. That is, we have seen such a lack of control.”
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