Rational Nation USA
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Purveyor of Truth
Republicans are again in charge. trump, the billionaire business and tax tax cheat is signing another executive order to roll back Dodd-Frank. Removing safeguards put into place by the Obama administration to shield the nation's economy from another meltdown trump is anxious to return to the freer wheeling unregulated days of yesteryear.
President Trump signed two directives on Friday, ordering a review of financial industry regulations known as Dodd-Frank and halting implementation of a rule that requires financial advisers to act in the best interests of their clients, according to a senior administration official who briefed reporters on condition of anonymity.Full NPR article BELOW THE FOLD.
Trump himself made his intentions clear in a meeting with small business owners Monday. "Dodd-Frank is a disaster," Trump said. "We're going to be doing a big number on Dodd-Frank."
These executive actions are the start of a Trump administration effort to reverse or revise financial regulations put in place by the Obama administration and seen by Trump and his advisers as onerous and ineffective.
Based on the description given by the administration official who briefed reporters, the directives the president is expected to sign Friday won't immediately do a big number on the law. The directive will instruct the Treasury secretary to meet with the agencies that oversee the law to identify possible changes.
"Americans are going to have better choices and Americans are going to have better products because we're not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year," said National Economic Council director Gary Cohn in an interview with the Wall Street Journal. Cohn, who was president and COO at the investment banking firm Goldman Sachs before joining the administration, added, "The banks are going to be able to price product more efficiently and more effectively to consumers."
The president of the nonprofit Wall Street watchdog Better Markets issued a statement blasting Friday's actions.
"The American people trusted candidate Trump when he said he was going to protect them from Wall Street's recklessness, but President Trump has betrayed that trust," Dennis Kelleher's statement says. "He is unleashing Wall Street on Main Street, which is exactly what the financial protections of Dodd Frank were put in place to prevent."
Dodd-Frank, passed in 2010, is made up of many provisions across many different regulatory agencies, some of which — like the Labor Department's Fiduciary Rule — have yet to be implemented.
The intent of the law was to implement comprehensive safeguards to monitor and regulate financial institutions so their potential failures would not pose a risk to the entire economy.