58903
Trump Targets Regulations on Big Banks
Trump Targets Regulations on Big Banks

Trump Targets Regulations on Big Banks

Trump Targets Regulations on Big Banks

US President Donald Trump has launched his long-promised attack on banking rules that were rushed into law after the nation’s economic crisis, signing new orders after meeting with business and investment chiefs and pledging further action to free big banks from restrictions. Wall Street cheered him on, but Trump risks disillusioning his working-class voters.
On Friday he directed his treasury secretary to review the complex 2010 Dodd-Frank financial oversight law, which was signed by President Barack Obama to overhaul regulations after the financial and housing crisis of the past decade. It aimed to restrain banks from misdeeds that many blamed for the crisis, AP reported.
The new president also signed a memorandum instructing the Labor Department to delay an Obama-era rule that requires financial professionals who charge commissions to put their clients’ best interests first when giving advice on retirement investments.
While the order on Dodd-Frank, named after its Democratic sponsors, won’t have an immediate impact, Trump’s intent is clear. The law has been a disaster in restricting banks’ activities, he said earlier this week. “We’re going to be doing a big number on Dodd-Frank.”
During a meeting Friday with business leaders, including JPMorgan Chase CEO Jamie Dimon, he said, “Frankly, I have so many people, friends of mine that have nice businesses that can’t borrow money. They just can’t get any money because the banks just won’t let ’em borrow because of the rules and regulations of Dodd-Frank.”
Those regulations unnecessarily cramp the US economy and job creation, he declared. But many Democrats see it differently, including Sen. Elizabeth Warren, who was behind the formation of the Consumer Financial Protection Bureau, formed as part of the Dodd-Frank law. 
“Donald Trump talked a big game about Wall Street during his campaign—but as president, we’re finding out whose side he’s really on,” Warren said in a statement.

 

Short URL : https://goo.gl/XGj8Yr
  1. https://goo.gl/O6cEMQ
  • https://goo.gl/2JdY1g
  • https://goo.gl/F67AkT
  • https://goo.gl/yVDMAH
  • https://goo.gl/cN4EXZ

You can also read ...

Venezuela Devalues Currency by 95 Percent
Venezuela devalued its currency by about 95% ahead of the Aug...
The average annual salary for K–12 public-school teachers is roughly $58,000, and they typically spend a sizable chunk  of that on classroom supplies integral to their jobs
Airbnb, the popular platform that lets people rent out their...
S&P, Moody’s Lower Turkey Ratings
Two major global ratings agencies lowered Turkey’s ratings Aug...
Nigeria CB Reports $91b FX Inflow in 2017
The Central Bank of Nigeria, said the aggregate foreign...
Russia’s largest electronics chain, M. Video, estimates that about a fifth of its products are bought with credit  or on installment plans as people are more confident about the future.
Russian consumers are borrowing like the boom times are back...
Argentina Says Poverty to Rise as Economy Slumps
More Argentines are likely living in poverty now compared with...
Egypt Keeps Rates Steady
Egypt’s central bank left its main interest rates unchanged,...
China Internet Stocks Fumble
A steep downturn in heavyweight Chinese internet stocks and...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus