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Donald Trump Starts War Against Dodd-Frank

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In keeping with his campaign promise, President Donald Trump has signed new orders to review the financial laws implemented after the country experienced its worst economic crisis since the Great Depression. After a meeting with his business and investment chiefs, Trump launched his first offensive against the Dodd-Frank legislation which he believes is hindering the financial markets and the economy. His Treasury secretary will attempt to find a way to break up the highly complex laws signed by President Barack Obama. The laws were implemented to protect consumers from banks and other financial institutions, following the trillions of dollars lost through misappropriation, fraud and bailouts.

The president went after another rule from the previous administration, which forces financial advisors who charge a commission to advise clients away from investments with more risk and higher commissions. Critics say Trump’s moves are pro-Wall Street and anti-his supporters. However, the president maintains it is in the best interest of the country. “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.” He said. Senator Elizabeth Warren, a key supporter of Dodd-Frank and the ensuing Consumer Financial Protection Bureau was quick to speak against him. “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. “The Wall Street bankers and lobbyists whose greed and recklessness nearly destroyed this country may be toasting each other with champagne, but the American people have not forgotten the 2008 financial crisis — and they will not forget what happened today.”

 

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