Milbank Financial Institutions Regulatory partner Douglas Landy was recently quoted in CNBC.com article “The Anti-Regulatory Environment That Trump Promised Just Got A Big Boost.” Mr. Landy comments, "It's hard to know what the effects of many of these things will be". However, "they're moving certainly in the direction they said they would." He adds that, the new Comptroller Joseph Otting "will reflect the administration's desire to reduce burdens on banks and deregulate in a certain manner." "They will be looking at where they feel the regulatory burden is in excess of the benefit it provides. How one views that depends on where one sits on the political landscape." Mr. Landy continues, "Since the Great Depression, whenever you have a new line of laws coming out, after five to 10 years of people living them there always has been an adjustment," Landy said. "Think of it like a pendulum. There's always a center." With respect to banks, "They're comfortable with the basic set of provisions that have been provided," Landy said. "They do want less burden, less conflicting requirements, more transparency and things [removed] that they don't think are achieving the goals they were set out to do."
