Trump Picks Vance as VP Nominee
July 16, 2024
Yesterday, former President Donald Trump announced his selection of U.S. Senator J.D. Vance from Ohio as his running mate.
- Vance was elected to the Senate in 2022 and has a background as a venture capitalist, lawyer, and author.
- Vance obtained Trump’s pivotal endorsement in the 2022 Ohio GOP Senate primary, which helped propel him to victory in the three-way race. Vance prevailed against former Rep. Tim Ryan (D-OH) in the general election.
Why it matters: The pick doubles down on appealing to rural Americans for the Trump campaign. Vance has positioned himself as a populist, trade-skeptic, and favors a more isolationist foreign policy.
What they’re saying: PoliticoPro published an article (paywall) analyzing “What VP Vance would mean for Wall Street.” The article includes interviews and quotes that paint Vance as a “populist conservative” willing to take on big business. For financial services, highlights include:
- Opposition to the Basel endgame capital requirements;
- Co-sponsor on a bill to limit credit card interchange fees;
- Co-sponsor on post-Silicon Valley Bank legislation to penalize bank executives in the wake of failures (though there is broad support among GOP senators on the Banking Committee for this bill); and
- Co-sponsor on a bill to prevent banks from limiting services to particular industries, including energy producers and firearms businesses.
The article quoted Vance during a Senate Banking Committee hearing with large bank CEOs: