America's banks haven't been this excited for a new president since 1928

Banks are excited about less regulations in the future.

(Image credit: iStock)

published 29 November 2016

Big banks have reacted more favorably to Donald Trump's election than to any other president's in nearly a century. Bank stocks have fallen by an average of 2 percent in the weeks following the election of a new president going back to Herbert Hoover. In the weeks after Trump's win, they were up nearly 15 percent.

Wall Street has good reason to celebrate: Many members of Trump's transition team and some of his rumored Cabinet picks are current or former bankers. And his plan to dismantle the Dodd-Frank Wall Street Reform and Consumer Protection Act — the extensive piece of legislation passed in response to the 2008 financial crisis — would mean far less regulations placed on banks.