Trump paves the way for Wall Street corruption

[kwassa]

for all his talk against it .....

With A Stroke Of The Pen, Donald Trump Will Wave Goodbye To The Dodd Frank Act

On Friday, the Trump administration will sign an executive order to dramatically scale back Dodd Frank. The Act, signed into law in 2010, re-shaped Wall Street and the American banking industry.

For America's largest banks, it forced firms to undergo a host of new regulatory exams and pare back their lucrative but illiquid private equity and hedge fund investments. Some mid-sized banks felt the weight of Dodd Frank, as firms with over $10 billion in assets and $50 billion in assets were subjected to increased surveillance.

The Act also created new regulatory agencies such as a Financial Stability Oversight Council (FSOC), which aimed to resolve failing large firms, for instance another Lehman Brothers, without a government bailout or next crisis. It also spawned the Consumer Finance Protection Bureau, an agency dedicated to guarding against abusive or misleading retail financial products.
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Other areas of early focus will surround the Volcker Rule, a mandate named after former Federal Reserve chair Paul Volcker, which restricted banks from proprietary trading and limited their ability to make hedge fund and private equity investments. Trump's Treasury Secretary nominee Steven Mnuchin, another former Goldman partner, has said he would look to repeal the rule.

http://www.forbes.com/sites/antoinegara/2017/02/03/with-a-stroke-of-the-pen-donald-trump-will-wave-goodbye-to-the-dodd-frank-act/#50f7084f5b64

[dawg]

1. but her emails ...

[Yo_Mama_Been_Loggin]

2. Is that legal?

I thought only Congress could repeal a law.

[hedda_foil]

4. You're right, but the Repukes wanted it so I don't think they'll resist.

[Takket]

3. Keep draining that swamp!