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Wall Street Hopes for Bowles at Treasury

Signing on Clintons chief of staff would signal Obama is ready to strike a deal to cut deficit.

By Christine Harper, Bloomberg | Updated on November 08, 2012

Wall Street executives who lost a bet that Republican Mitt Romney would defeat President Barack Obama are bracing for tougher regulation and hoping a deal can be struck with Congress to cut the deficit.

Obama’s choice to succeed Treasury Secretary Timothy F. Geithner will be watched closely for signs about the administration’s approach to business and the deficit, industry executives said. Erskine Bowles, who served as chief of staff under former President Bill Clinton, would be a sign that Obama is willing to endorse a bipartisan debt-reduction plan supported by many business leaders, they said.

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