Friday, February 3, 2017

Trump to order review that could relax Dodd-Frank bank rules

Trump to order review that could relax Dodd-Frank bank rules US President Donald Trump is expected to take his first steps to scale back financial services regulations on Friday.
He is due to sign an executive order to review the 2010 Dodd-Frank financial regulations, which some people on Wall Street say are overly-restrictive.
The law was brought in after the 2008-09 financial crisis with the aim of avoiding another financial meltdown.
"Dodd-Frank is a disaster," Mr Trump said earlier this week.
He added: "We're going to be doing a big number on Dodd-Frank." Mr Trump made it a campaign pledge to repeal and replace the Dodd-Frank law, which also created the Consumer Financial Protection Bureau (CFPB). This US government agency seeks to make sure banks, lenders, and other financial companies treat US consumers fairly. Dodd-Frank, named after the Congressmen who campaigned for the legislation, was introduced to restrict risky practices by banks and other financial companies.
But Trump administration officials have said Dodd-Frank did not achieve what it set out to do, and argue that is an example of government being overly-controlling.

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