Why Wall Street banks want Democrats to back their capital relief

Wall Street banks are poised to score significant regulatory relief thanks to US President Donald Trump’s Republican regulators, but ensuring the changes survive long-term may ultimately require Democratic support. The Federal Reserve is trying to finalize the biggest overhaul of bank capital rules since the 2007-09 financial crisis by year end. Although Trump appointed four of the Fed’s ​seven governors, Wall Street banks hope his vice chair for supervision, Michelle Bowman, can secure...