Here is a great article by the Washington Examiner on what would it mean for much of the stringent regulation that banks and Wall Street loathe would look like – when it is gone. It is a large ask – the proposed bill that tends to do away with much that has been cited with respect to reversing of the regulation put into place by the Obama Administration. Would this put us back in the position that got us into the mess in the first place? Will it allow for bankers and their quotes to do business while cutting corners? No doubt!
Say goodbye to Dodd-Frank Act and say hello to the proposed Financial CHOICE Act.
At an early February meeting with CEOs at the White House, President Trump previewed his administration’s efforts to cut financial regulations and explained the case for getting government bureaucrats out of banks. Appearing with some of the most prestigious figures on Wall Street, including JPMorgan Chase head Jamie Dimon and Blackstone chief Stephen Schwarzman, Trump said he wanted to undo much of President Barack Obama’s 2010 financial reform law, passed in the wake of the biggest financial crisis since the Great Depression. We expect to be cutting a lot out of Dodd-Frank because, frankly, I have so many people, friends of mine, who have nice businesses who can’t borrow money, Trump said. They just can’t get any money because the banks just won’t let them borrow, because of the rules and regulations in Dodd-Frank. Trump and congressional Republicans speak with one voice in arguing that, to boost economic growth, which has been feeble for years, credit must flow more easily to businesses. To do that, the president says, many rules in Dodd-Frank must go.