Saturday, November 12, 2016

Trump’s Dismantling Of Dodd-Frank May Be In The Works

Reuters reports:
When Jeb Hensarling, the Republican chair of the U.S. House Financial Services Committee, released legislation this summer to weaken the major financial law known as Dodd-Frank, many said it was a prêt-a-porter plan that his party’s nominee, Donald Trump, could easily adopt.

Now that Trump is president-elect, he appears to be doing just that.

Language about financial services posted on the Trump transition website,, echoes the tone of Hensarling’s bill, known as the CHOICE Act.

It calls Dodd-Frank, passed in the wake of the 2007-09 financial crisis and recession, as “a sprawling and complex piece of legislation that has unleashed hundreds of new rules and several new bureaucratic agencies” and promises to dismantle and replace it with “new policies to encourage economic growth and job creation.”

Hensarling’s legislation, which his committee approved in September, also takes a replacement approach
It's time to get rid of it.