Donald Trump Is Breaking His Promise To Be Tough On Wall Street
The president’s agenda is full-throttle deregulation.
UPDATE: Feb. 3 ― President Donald Trump signed executive orders on Friday that halt the Obama administration’s conflict of interest rule for retirement savings and order a review of the 2010 financial reform rules meant to make banks more stable and less likely to need bailouts.
Previously:
If there was ever doubt that President Donald Trump’s tough talk on big banks was an empty show, his first 12 days in office have put it to rest.
Trump is governing like a run-of-the-mill, deregulating Wall Street crony, despite his populist campaign rhetoric: His party’s platform pledged to return to the Depression-era Glass-Steagall Act, which broke up big financial institutions by separating investment and commercial banking; he vowed to close a tax provision that saves private equity managers billions of dollars; he lambasted his opponent for her ties to Goldman Sachs, and he assailed the bank’s CEO in an election ad.
On Monday, Trump made his first direct comments since his inauguration about the post-financial crisis bank regulation reform bill.
“Dodd-Frank is a disaster,” he said. “We’re going to be doing a big number on Dodd-Frank.”
Tossing out Dodd-Frank would mean gutting huge swathes of rules restricting big banks, including intricate capital standards and the annual stress tests regulators use to make sure banks won’t need to be bailed out to the independent Consumer Financial Bureau.
Indeed, the financial industry’s antipathy to the CFPB ― the brainchild of bank foe Sen. Elizabeth Warren (D-Mass.) ― has Democratic aides and consumer advocates increasingly worried that Trump will fire its director, Richard Cordray. A mortgage company has brought forth a lawsuit questioning the president’s authority to do so. A three-judge federal appeals court panel ruled in October that the president could fire the agency’s head for any reason. (The agency has asked for the full D.C. Circuit Court of Appeals to rehear the case.)
The White House did not immediately respond to a request for comment.
More: GOLDMAN’S BOY: Trump Signs Off On Huge Wall Street Giveaway
I can only assume that all Trump supporters are rich.
The president’s agenda is full-throttle deregulation.
UPDATE: Feb. 3 ― President Donald Trump signed executive orders on Friday that halt the Obama administration’s conflict of interest rule for retirement savings and order a review of the 2010 financial reform rules meant to make banks more stable and less likely to need bailouts.
Previously:
If there was ever doubt that President Donald Trump’s tough talk on big banks was an empty show, his first 12 days in office have put it to rest.
Trump is governing like a run-of-the-mill, deregulating Wall Street crony, despite his populist campaign rhetoric: His party’s platform pledged to return to the Depression-era Glass-Steagall Act, which broke up big financial institutions by separating investment and commercial banking; he vowed to close a tax provision that saves private equity managers billions of dollars; he lambasted his opponent for her ties to Goldman Sachs, and he assailed the bank’s CEO in an election ad.
On Monday, Trump made his first direct comments since his inauguration about the post-financial crisis bank regulation reform bill.
“Dodd-Frank is a disaster,” he said. “We’re going to be doing a big number on Dodd-Frank.”
Tossing out Dodd-Frank would mean gutting huge swathes of rules restricting big banks, including intricate capital standards and the annual stress tests regulators use to make sure banks won’t need to be bailed out to the independent Consumer Financial Bureau.
Indeed, the financial industry’s antipathy to the CFPB ― the brainchild of bank foe Sen. Elizabeth Warren (D-Mass.) ― has Democratic aides and consumer advocates increasingly worried that Trump will fire its director, Richard Cordray. A mortgage company has brought forth a lawsuit questioning the president’s authority to do so. A three-judge federal appeals court panel ruled in October that the president could fire the agency’s head for any reason. (The agency has asked for the full D.C. Circuit Court of Appeals to rehear the case.)
The White House did not immediately respond to a request for comment.
More: GOLDMAN’S BOY: Trump Signs Off On Huge Wall Street Giveaway
I can only assume that all Trump supporters are rich.
