Trump planning to eliminate Obama's "burdensome rules on financial services"

[Miles Archer]

Washington (CNN)President Donald Trump will begin work Friday dismantling the financial regulations enacted after the 2008 economic crisis, hours after the first major economic report of his administration is released.

Trump's executive moves won't have an immediate effect on Wall Street oversight. But they're likely to draw sharp criticism from Democrats and reform proponents who say the regulations that the President is looking to scrap could prevent another meltdown.

In two executive actions, Trump plans to direct his administration to evaluate regulatory action taken by his predecessor, Barack Obama, with an eye toward eliminating what his advisers say are burdensome rules on financial services firms and consumers.

He'll also force the delay of an Obama-era rule that required retirement advisers to act in their clients' best interests.

http://www.cnn.com/2017/02/03/politics/trump-financial-executive-actions/index.html?sr=fbpol020317trump-financial-executive-actions1138AMVODtopLink&linkId=34084867

[sunonmars]

1. Cohn who is behind this and his $285M pay for play payoff from GS makes a lot of sense now....

[northoftheborder]

2. This news...

...needs to go out to the middle income voters who believed Twitlers lies and voted accordingly.......

How will they learn this sort of behind the scenes effort................

[Turbineguy]

3. Whenever you put up barriers

to collapsing the economy and harming millions while making a few rich, it's a problem.

[Trust Buster]

4. Yes, Wall Street will be free again to invest pension and trust money into risky investments like

mortgage backed securities. Wall Street walked away with billions while pension and trust funds had to cut benefits. Marvelous. #Looking out for the little guy my ass.

[Else You Are Mad]

5. This is extremely worrisome.

If Trump does away with the few, relatively weak financial regulations Obama put into effect, it will just hasten the next bubble to pop. The middle and lower classes have in no way recovered from the last financial crisis and have very few to no savings left to ride out the financial storm. Combine that with the very weak and sparse job market for anything but low paying service jobs, I believe this will cause a depression like we have never seen before.