Saturday, February 4, 2017

#OyVeyDonaldTrump who made more than a TrumpTower full of Benjamin Franklins in the Great Recession of 2008 vows to Dismantle al the Dodd-Franl Legislation to prevent a repetition of the gross negligence of Finaciancila Institutions & limit questionable financial derivatives and other instruments that triggered the Recession..

Image result for Cartoon Donald Trump Financial Regulations cartoon Dodd Frank
Great Seal of the United States
Long title
an Act to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.
Enacted by
July 21, 2010
Public law
124 Stat. 1376–2223
Acts amended
  • Introduced in the House as "The Wall Street Reform and Consumer Protection Act of 2009" (H.R. 4173) byBarney Frank (DMA) on December 2, 2009
  • Committee consideration by Financial Services
  • Passed the House on December 11, 2009 (223–202)
  • Passed the Senate with amendment on May 20, 2010 (59–39)
  • Reported by the joint conference committee on June 29, 2010; agreed to by the House on June 30, 2010 (237–192) and by the Senate on July 15, 2010 (60–39)
  • Signed into law by President Barack Obama on July 21, 2010

President Trump signed an executive order on Monday requiring that with every new federal regulation proposed, two must be revoked. By REUTERS. Photo by Stephen Crowley/The New York Times. 

WASHINGTON — President Trump on Monday reiterated his intention to roll back Dodd-Frank financial regulations enacted to prevent another financial crisis, telling reporters that he soon planned to do “a big number” on the 2010 law.

During the 2016 campaign, Mr. Trump had pledged to “dismantle” Dodd-Frank, passed when Democrats controlled the White House and Congress, without specifying the actions he planned to take. He has not announced his timetable for carrying through on that pledge as president.

Mr. Trump’s pick for secretary of the Treasury, Stephen T. Mnuchin, a hedge fund manager, also has promised to “kill” parts of the law, including the so-called Volcker rule restricting banks from making certain kinds of speculative investments of the kind that led to the 2008-9 global economic crisis.

“Dodd-Frank is a disaster,” the president said during a 10-minute session with reporters as he signed an executive order slashing government regulations.

“We’re going to be doing a big number on Dodd-Frank,” Mr. Trump said. “The American dream is back.”

Before meeting with business leaders late Monday morning, Mr. Trump again took credit for the performance of the stock market, which recently crossed the 20,000 milestone for the first time.

Perhaps the most important section of Dodd-Frank is the requirement that banks undergo periodic stress tests to monitor liquidity and their ability to withstand a financial shock akin to the collapse of the housing market in 2008.

In response to the law, banks have curbed parts of their businesses, including proprietary trading, and focused more on raising revenue through consumer services.

The financial services industry spent millions seeking to prevent Dodd-Frank from going into effect, but some in the industry have cautioned against creating new upheaval by scrapping it completely.

“We’re not asking for wholesale throwing out Dodd-Frank,” Jamie Dimon, the chief executive of J.P. Morgan Chase, said at a financial services conference in December.

The executive order that Mr. Trump signed on Monday requires federal agencies to identify two regulations they plan to cut whenever requesting a new one — a requirement that opponents have called arbitrary, but one that fulfills an early campaign pledge.

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