In a statement released today President-elect Donald Trump’s transition team made it clear that one of Trump’s first priorities will be dismantling the massive 2010 Dodd-Frank Act.
Trump has repeatedly criticized the Dodd-Frank Act for the economically disastrous impact it has had on the American economy, killing community banks, reducing access to credit, and increasing the regulatory burden on American businesses.
The statement issued on the Trump transition team website reads:
“The Dodd-Frank economy does not work for working people. Bureaucratic red tape and Washington mandates are not the answer. The Financial Services Policy Implementation team will be working to dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation.”
Among some of the items President-elect Trump has set his sights on as it relates to the Dodd-Frank Act are ending the Volcker Rule and reining in and reforming the Consumer Financial Protection Bureau (CFPB).
The Trump team will have a legislative head start once they take office in January as House Financial Services Committee Chairman Jeb Hensarling (R-Texas) has already laid out a Dodd-Frank reform blueprint with his Financial CHOICE Act (H.R. 5983), which passed out of Committee recently.
Photo credit: Gage Skidmore