Banks would benefit tremendously from the Republican plan to cut regulatory red tape in the financial services industry. Image source: iStock/Thinkstock.
At a retreat this week for Republican lawmakers, Speaker of the House Paul Ryan told his colleagues that passing legislation designed to deregulate the financial industry would be a top priority in 2017. It remains to be seen exactly what the reforms will look like, but irrespective of the details, it’s almost certain that Bank of America (NYSE: BAC) will be a major beneficiary of them.