I’m wary about changing the restrictions to Dodd-Frank, but I’m willing to give Trump the benefit of the doubt. My main concern is lack of regulations for these monster investment firms. There needs to be a give and take with that to avoid another situation like 2008.
The Hill – President Trump said Monday he plans to do “a big number” to the Dodd-Frank financial reform law.
Speaking before a meeting with small business owners, Trump laid into the Wall Street reform law ushered through by President Obama, arguing it was hamstringing American businesses trying to line up credit.
“Regulation has actually been horrible for big business, but it’s been worse for small business,” the president said. “Dodd-Frank is a disaster.”
He went on to argue that federal rules have damaged the country’s “entrepreneurial spirit.”
Trump, however, has never laid out a clear plan for what he would like to do with financial regulations. He vowed to “dismantle” Dodd-Frank on the campaign trail but never delivered a promised blueprint for how he would monitor Wall Street.
Trump has also expressed support for a return of the Glass-Steagall Act, a Great Depression-era law that established a firewall between traditional and investment banking.
Calls for a return of that law are favored among the left, but Trump’s pick to lead the Treasury Department, Steve Mnuchin, expressed support for a modernized approach along those lines at his confirmation hearing earlier this month.
Trump’s latest comments came on the same day he signed an executive order directing federal agencies to identify two regulations to eliminate for every new one they propose.
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