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

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.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Bluetoothing: the phenomenon driving HIV spike in Fiji
Under the Radar ‘Blood-swapping’ between drug users fuelling growing health crisis on Pacific island
-
Marisa Silver’s 6 favorite books that capture a lifetime
Feature The author recommends works by John Williams, Ian McEwan, and more
-
Book reviews: ‘We the People: A History of the U.S. Constitution’ and ‘Will There Ever Be Another You’
Feature The many attempts to amend the U.S. Constitution and Patricia Lockwood’s struggle with long Covid
-
Electronic Arts to go private in record $55B deal
speed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fine
Speed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in Intel
Speed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to China
Speed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with Disney
Speed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profits
Speed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits