How Will the U.S. Election Results Impact Your Financial Services Businesses and Clients?

On November 15, Winston hosted a webinar titled “Post-Election Financial Services Forum” discussing the impact of the U.S. election results on the financial services sector for 2025 and beyond. This virtual roundtable discussion—featuring more than a dozen Winston partners, including moderators Amanda Groves and George Mastoris—provided insights and potential implications to various financial services areas and regions. Read our takeaways below.

Government Investigations & Enforcement

• Jack Knight, Chair, Financial Services Litigation Practice, Investigation & Enforcement Practice

Takeaways

• Changes at the Department of Justice Under President-elect Trump may include:
  • complete overhaul possible;
  • personnel changes; and priority changes. 

Regulatory

• Caitlin Mandel, Government Investigations, Enforcement & Compliance partner

Takeaways

• CFPB Enforcement Trends and Priorities:
  • Enforcement priorities likely to focus on smaller entities, concrete consumer harm.
  • Less focus on discrimination or other “stretch” theories.

• SEC Enforcement Trends and Priorities: 
  • Enforcement actions likely to be less creative and less aggressive. Less focus on:
    • Crypto;
    • ESG; and
    • regulatory violations versus clear investor harm/fraud.

Investment Management

• Basil Godellas, Co-Chair, Financial Services Practice

Takeaways

• Less Rulemaking: The Trump SEC is expected to reduce major regulatory actions, favoring a pro-business approach.
• Executive Orders: New executive orders may further limit or repeal regulations, continuing Trump’s previous policies.
• Rule Impact Shift: Biden’s SEC rules had greater compliance costs; Trump’s second term may ease regulatory burdens.
• Pending Rules Uncertain: The future of proposed rules concerning cybersecurity and ESG remains unclear under new leadership.

Securities Litigation

• John Schreiber, Chair, Los Angeles Litigation Practice
• Kerry Donovan, Securities Litigation Partner

Takeaways

• Less Litigation: Reduced regulatory enforcement under Trump could lower shareholder lawsuits tied to investigations.
• Pro-Business SEC: A company-friendly SEC may reduce proxy disputes and activism-related litigation.
• Proxy Rules Changes: Proxy advisory firm regulations and universal proxy cards might face revisions.
• Shifting Litigation Focus: Plaintiffs may target accounting issues if regulatory cases decline.

Artificial Intelligence

• Bobby Malhotra, eDiscovery & Information Governance Practice partner

Takeaways

• AI Regulation Shift: Federal AI oversight may ease, favoring voluntary guidelines and innovation.
• Fragmented Laws: Deregulation could lead to complex state-specific AI rules.
• Trade Impact: Tariffs and export controls may disrupt AI technology access.
• Investment Boost: Deregulation may spur AI startup growth.

Bank Regulatory

• Carl Fornaris, Co-Chair, Financial Services Practice

Takeaways

• Legislative Priorities on the Hill and the New Administration.
• Changes to the Federal Reserve, CFPB, OCC, and FDIC.
• SEC’s “Politicized Approach” to Digital Assets.
• Discouraging the Use of ESG Standards in Financial Markets.

Private Investment Funds

• Danielle Williams, Co-Chair, Intellectual Property Practice; Managing Partner, Charlotte

Takeaways

• USPTO Leadership Change: Deputy Director Derek Brent will serve as acting director starting December, possibly until mid-2026, when a new director is expected.
• Alignment with Trump Priorities: USPTO’s current goals, like driving U.S. innovation and protecting IP, align with Trump administration priorities.
• Future Uncertainty: Leadership changes in 2026 may shift priorities, but optimism remains for continued support of the innovation economy.

International Trade

• Cari Stinebower, Chair, International Trade Practice, CFIUS, Customs, Export Controls & Sanctions Practice

Takeaways

• Tariffs, Mexico, China, and the Trump Reciprocal Trade Act.
  • As an alternative to the Chips Act, the new administration has indicated it will deliver its manufacturing renaissance via lower taxes, regulations, and tariffs of 60% on imports from China and 10% to 20 % on imports from elsewhere.
• Sanctions Focus: Iran and a return to the Maximum Pressure Campaign.

European Union

• Sara Susnjar, Regulatory Partner

Takeaways

Central Banking: Tariffs and federal interference risk global financial instability.

• Climate: U.S. Paris Agreement withdrawal threatens EU’s climate goals and global cooperation.
• Defense: EU faces reduced U.S. support for defense and security.
• Tech: U.S.-EU Trade and Technology Council may dissolve.

United Kingdom

• Rebecca Jack, Transactional Associate

Takeaways

• Trade Impact: Trump’s tariffs may cost the UK £22B in exports, spurring renewed UK-U.S. trade talks, including UK requests for greater financial market access.
• Deregulation Push: Potential U.S. deregulation could drive calls to loosen UK market rules to stay globally competitive.
• Investment Concerns: Because the United States is the UK’s largest inward investor, U.S. shifts in investment priorities could significantly affect key UK sectors, including financial services.