The Democratic Party hasn’t taken office yet, but banks are already starting to repair their moat—this preemptive move, where the regulatory game is even more exciting than the secondary market.

Four insiders revealed that Wall Street banks are secretly pressuring the Federal Reserve to solidify the new regulatory framework to prevent a future Democratic government from overturning the reforms; they are demanding a clear legal framework for the MRA replacement mechanism and restrictions on its use, while the Federal Reserve plans to provide clearer guidance. This move by the banks is a preemptive effort to strengthen the legal foundation of the reforms.