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.
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