President Donald Trump said Tuesday that he wants to tear apart the onerous regulations imposed by Barack Obama and Elizabeth Warren’s Dodd-Frank Act.
“For the bankers in the room, they’ll be very happy because we’re really doing a major streamlining and, perhaps, elimination, and replacing it with something else,” Trump said on Tuesday.
“That will be the minimum. But we’re doing a major elimination of the horrendous Dodd-Frank regulations, keeping some obviously, but getting rid of many.”
The Dodd-Frank Act of 2009 — passed during that term’s Democratic supermajority — imposed stifling regulations on the banking sector, which economists believe had catastrophic effects on the American economy. In particular, regulations imposed on small banks forced account holders to seek out bigger banks, which only increased the big banks’ stature and portfolio. Additionally, big banks were unable to give out the kinds of concessions that account holders normally expected.
It’s possible that Dodd-Frank could be repealed through Congress, but even if it’s not the Trump administration can still break it apart through various smaller regulatory-reform bills and executive actions.
The sluggish Obama economy — marked by that president’s failure to increase exports or to re-invigorate the small business sector — has given way to a newfound Trump recovery. The Trump White House Tuesday touted the president’s Strategic and Policy CEO Forum with top business leaders.
— Donald J. Trump (@realDonaldTrump) April 11, 2017