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It’s possible that Dodd-Frank could be repealed through Congress, but even if it’s not the Trump administration can still break it apart through various smaller regulatory-reform bills and executive actions.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
Democrat Congressmen Introduce Term Limits Legislation for SCOTUS Justices As Trump Prepares Nominee
Three Democrat members of Congress are introducing legislation to institute term limits for Supreme Court justices, as President Trump prepares to nominate his third candidate for the court following the death of progressive liberal Ruth Bader Ginsburg.
Democrats Joe Kennedy, Ro Khanna, and Don Beyer are proposing legislation that would limit SCOTUS justice to a maximum term of eighteen years on the court.
Lifetime appointments to the highest court in our land undermine our democratic process and erode progress in our nation.
We must enact 18 year term limits on our Supreme Court justices to continue our march towards a more perfect union. https://t.co/9fCyggP686
— Rep. Joe Kennedy III (@RepJoeKennedy) September 25, 2020
Khanna has proposed an idea that would allow Presidents to appoint two judges in each term. “Senior” members of the court would be required to basically retired for every new member of the court.
When I first ran for Congress in 2014, I proposed limiting terms of Supreme Court Justice to 18-appointments.
Given the recent, dramatic politicization of the Court, it's time for real reform.
— Rep. Don Beyer (@RepDonBeyer) September 25, 2020
It’s pretty funny the Democrats are uniting behind these proposals the moment they appear primed to lose control of the Supreme Court for a generation. They weren’t complaining when Obama was trying to replace Antonin Scalia with progressive Merrick Garland, even going so far as claiming that the stealth liberal was entitled to the seat. Reports emerging Friday suggest that President Donald Trump intends to nominate Amy Coney Barrett, a mostly conservative judge with a pro-life and immigration hawk judicial record.
The judicial branch of government is arguably the most flawed element of American governance, and it’s highly questionable how institutions such as the Supreme Court are able to appoint themselves a nearly unlimited amount of political power.
A better reform proposals would be to institute term limits for justices that only go into effect after the current members of the court vacate their seats. Anything else is simply a political power grab.
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