Many people were stunned last Tuesday night when Donald J. Trump became the president-elect of the United States, and many were afraid that the sun might never shine again. It did – as the Broadway musical Annie predicted – beginning Wednesday. Pundits far more insightful than I am will wax eloquently for weeks and months, if not years, as to what happened and why. However, one consequence of Mr. Trump’s election is that it seems more likely than not that at least some provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act enacted in 2010 will be substantially modified if not repealed – although the entire law is not likely to be eliminated. This is suggested by criticism of Dodd-Frank that was posted on Mr. Trump's President-Elect website last week. (Click here to access the section “Financial Services” on the new President-Elect Donald J. Trump website.) A provision on the radar for possible elimination likely includes the so-called “Volcker Rule” that prohibits banks from making certain types of speculative investments – although it’s no sure bet. As recently as August, Mr. Trump indicated that he wanted to bring back the Glass-Steagall Act’s barriers between commercial and investment banking – consistent with the 2016 platform of the Republican Party (click here to access; see page 28). He also observes on his new President-Elect website that “taxpayers [still] remain on the hook for bailing out financial firms deemed ‘too big to fail.’” This is not verbiage consistent with eliminating the Volcker Rule, and as a result nothing can be predicted for certain. Mr. Trump has also called for a federal regulation freeze immediately after he becomes president, and a reduction in existing federal regulations afterwards. Although he will not be able to order this directly at independent federal agencies like the Commodity Futures Trading Commission and Securities and Exchange Commission, he would be able to accomplish this indirectly by appointing new chairs and commissioners at each agency. It is expected that both Timothy Massad and Mary Jo White will resign as chairs of the CFTC and SEC, respectively, on or prior to January 20, enabling the appointment of agency heads more sympathetic to his agenda. As a result, CFTC and SEC pending rules (such as proposed Regulation Automated Trading) that are not finalized by January 20 are at best likely to be delayed, substantially modified or even killed, but final rules implemented by January 20 will stay on the books for now – although effective dates could be delayed, or revisions proposed and subsequently adopted. It is likely that both agencies will do less to hinder business through new regulations generally, but violations of law will continue to be prosecuted – even aggressively if the matter is reactive to an incident that garners populist outcry. The fact that many banking sector stocks generally hit multi-year highs since Mr. Trump’s election reflects investor sentiment that constraints on the banking sector will soon be diminished and their performance should excel. We’ll see!