Wall Street Regulation a Major Concern in this Election

JPMorgan makes Wall Street regulation a campaign issue again: Article By Ashley Killough, CNN

Daniel Cimon - Blog

Wall Street Regulation a Major Concern in this Election

                  With the election battle setting its stage with President Obama and republican candidate Mitt Romney at the center, the major issues at debate are starting to present themselves. One of these issues is Wall Street regulation. Americans are furious over the recent ‘bailout’ of Wall Street. The debate between the republicans and democrats on the way Wall Street should be regulated has been roaring since 2008 when the Emergency Economic Stabilization Act of 2008 aka the Bailout, was passed. One thing is clear; this issue will be on the minds of the American public come election time.

                  One issue is going to be where the candidates stand on the ‘Bailout Bill’. Obama as a senator voted to pass the 2008 act. The Democrats will call for even stricter regulation and “tout the formation of the Consumer Financial Protection Bureau and the passage of the 2010 financial reform bill, both of which occurred under Obama's presidency.” While Romney will highlight the continuing struggles of the economy and Wall Street as an example of failed policy due to Obama’s administration.

                  Another issue Americans will focus on is where the candidates are getting their election funds. They will want to know who is going to fight for them or whom is being sponsored and (in the publics eyes) therefor working for the firms on Wall Street. This year so far, Obama’s campaign has raised $7.8 million from the financial sector compared to Mitt Romney’s 15.8. This may be strategy by the Obama administration so that he can claim to be less influenced and entangled in Wall Street than his competition, although in the 2008 election he raised a historic $15.8 million dollars in this sector. Many will accredit Romney’s success in fundraising in this aspect to his time as a Wall Street capitalist.

                  Although Romney is seen as an insider in Wall Street and many will view him as part of the problem, he must (in my opinion) use this to his advantage. He must make it clear that there is no one better to fix the problems of Wall Street then someone whom was part of it, and knows its workings well. Obama will have great success at exposing Romney’s background in Wall Street and trying to connect him to the reason Wall Street needed a bailout in the first place.

                  Wall Street will be a major topic in the upcoming election and could make or break the candidates. Both candidates have history with the topic and will have to defend their positions and previous actions. Whichever candidate can convince the public that they are the right choice to deal with the Wall Street problem will have a great advantage in the election. 

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