Tax reform

A final Senate breakdown still depends on the outcome in a few key races, but with Republicans closer to keeping power, Democrats' proposals to cap interest rates, create a postal banking system and establish a public credit reporting agency are likely dead on arrival.

Major U.S. banks shaved about $21 billion from their tax bills last year — almost double the IRS’s annual budget — as the industry benefited more than many others from the Republican tax overhaul.

Banks earned $62 billion in the third quarter thanks to tax reform and higher asset yields while the Deposit Insurance Fund crossed a statutory threshold.