Big Banks Call On Trump Not To Kill Dodd-Frank
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In a surprising turn of events, Wall Street is telling Donald Trump not to kill the Dodd-Frank Act.
That certainly doesn’t mean bankers want Dodd-Frank regulations expanded, rather they favor making regulations simpler and less costly, the Wall Street Journal reports. After spending hundreds of millions of dollars and several years adapting to current regulations, it’s understandable banks aren’t longing for a huge change.
But, they do want some changes. Major bank execs are calling for simpler stress tests, a more streamlined Volcker Rule and increased clarity for capital requirements. Until Trump makes his intentions clear, everyone from JP Morgan's Jamie Dimon to Bank of America chief Brian Moynihan is adopting a wait-and-see approach. [WSJ]