Generally, left-wing politicians and banks are not on the same side. At least that’s the case in the United States, where the vast majority of our elected officials are unable to think independently, but simply toe the party line.
Mexico’s socialist, nationalist president, Andrés Manuel López Obrador, is a bit different. He meets regularly with bank chiefs and has argued for less stringent regulation, suggesting banks can effectively police themselves. His ultimate goal: to get more Mexicans into the formalized banking system, believing it will help the poor and reduce Mexicans’ reliance on unregulated (and often shady) “shadow” financial services. It’s a pragmatic idea, and we hope he is successful.