Why ‘America First’ is bad for American bankers
By Karen Shaw Petrou
An “America First” trade-in-goods policy means a similarly protectionist U.S. approach to trade in finance, including banking. However, such a financial trade policy would not construct impregnable armor that strengthens the U.S., but would rather be something akin to Superman’s “Fortress of Solitude.” After having cut himself off from the rest of the world, Superman would return from his fortress to the civilized world feeling refreshed. But that’s just in the comic books. In real life, a Fortress of Solitude for U.S. banking would lead to the lowest common denominator of regulations imposed differently by each country, which in turn would quickly crumple the financial stability on which even the smallest community banks depend.