- General Electric executive David Nason has emerged as a leading contender for Fed vice chair. That's bullish for the banks, says Cowen's Jaret Seiberg, who notes Nason hasn't called for tough capital rules, the return of Glass-Steagall, or the elimination of derivatives netting.
- Other reported candidates for the position like the FDIC's Thomas Hoenig or former BB&T Chairman John Allison wouldn't be as positive for the sector, says Seiberg.
- Nason is likely to get bipartisan support as he was respected on both sides of the aisle during when he served at Treasury under George W. Bush, adds Seiberg.
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