WASHINGTON—After the 2008 financial crisis, regulatory reform efforts sought to make the system safer. This time, the goal will be to make it fairer.
In keeping with President Biden’s focus on helping minorities and people with low and moderate incomes—groups hit hardest by the coronavirus-induced downturn—financial regulators are expected to emphasize racial equity as they focus on consumer protection and expanding access to financial services.
That would mark a departure from the last time Democrats controlled the White House and Congress at the start of the Obama administration. Early efforts then centered on fighting the crisis, followed by a push to ensure that it would never happen again with the Dodd-Frank Act of 2010, the most sweeping financial legislation in a generation.
“Obama looked at how to make the financial system stable,” said Karen Petrou, head of Federal Financial Analytics, a regulatory advisory firm. “Biden is looking at, ‘How
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Enterprise wants monetary support as well as planning. There are two large arguments against Islamic banking: first, that it’s curiosity-based mostly ultimately, or properly-hidden; and secondly, that it has acted for many years as a front for funding terrorist organizations. Interest payments are how lending institutions make their cash and not being able to collect curiosity as a consequence of non secular beliefs or questioning the tip use of that curiosity is an extra concern for investors to account for within the threat of the investment.