Bank Stocks fall after Maxine Waters says easing banking regulations ‘will come to an end’

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November 14, 2018 12:35pm NYSE:XLF

From Tyler Durden: US financials stocks have tumbled from opening higher after Rep. Maxine Waters – soon to to take over the powerful House Financial Services Committee when the new Congress convenes in January – laid down the law on what will and won’t happen under Democrat rule.

As CNBC reports,  the California Democrat said efforts to loosen the reins on Wall Street financial institutions won’t be tolerated should she be the committee chair, as expected.

“Make no mistake, come January, in this committee the days of this committee weakening regulations and putting our economy once again at risk of another financial crisis will come to an end,” Waters said.

And the reaction was swift…

The Financial Select Sector SPDR ETF (XLF) was trading at $26.58 per share on Wednesday afternoon, down $0.15 (-0.56%). Year-to-date, XLF has declined -4.42%, versus a 2.03% rise in the benchmark S&P 500 index during the same period.

XLF currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 36 ETFs in the Financial Equities ETFs category.

This article is brought to you courtesy of ZeroHedge.

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