2/3/17
After
a White House meeting with the business executives on Friday, Mr. Trump
signed a directive calling for a rewriting of major provisions of the
Dodd-Frank Act, crafted by the Obama administration and passed by
Congress in response to the 2008 meltdown, the White House said. A
second directive he signed is expected to halt and possibly require an
overhaul of an Obama-era Labor Department rule that requires brokers to
act in a client’s best interest, rather than seek the highest profits
for themselves, when providing retirement advice.Taken
together, the actions constitute a broad effort to loosen regulations
on banks and other major financial companies, put into motion by a
president who campaigned as a champion of working Americans and a harsh
critic of global elites. Those elites include Wall Street companies like
Goldman Sachs, whose alumni now populate his Cabinet and economic
advisory teams.“We
expect to be cutting a lot out of Dodd-Frank because frankly, I have so
many people, friends of mine that had nice businesses, they can’t
borrow money,” Mr. Trump said in the State Dining Room during his
meeting with business leaders.
Hearseeno 