Trump Signs Action To Revamp Dodd-Frank, Scaling Back On Big Bank Regulations
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President Donald Trump is making good on his promise to dismantle Dodd-Frank, signing an executive action Friday that develops a framework to revamp the 2010 financial-overhaul law.
The action aligns with Trump’s overarching plan to roll back federal regulations on banks that added rules and red tape following the financial crisis. Trump also signed an executive action to rescind a controversial rule he claims would hurt retirement-account advisers and limit consumer choice; the rule would have been instituted in April, the Wall Street Journal reports.
“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,” White House national economic director Gary Cohn said.
Dodd-Frank was signed into law by President Barack Obama in July 2010 to further regulate the country’s financial system and protect investors from future financial crises through heightened bank capital requirements, bank stress tests and more. But the act has been widely contested by those who claim its regulations are overreaching and weigh heavily on smaller institutions. [WSJ]