Donald Trump is Breaking His Promise to be Tough on Wall Street
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Source: Hufgington Post Blog
If there was ever doubt that President Donald Trumps tough talk on big banks was an empty show, his first 12 days in office have put it to rest.
Trump is governing like a run-of-the-mill, deregulating Wall Street crony, despite his populist campaign rhetoric: His partys platform pledged to return to the Depression-era Glass-Steagall Act, which broke up big financial institutions by separating investment and commercial banking; he vowed to close a tax provision that saves private equity managers billions of dollars; he lambasted his opponent for her ties to Goldman Sachs, and he assailed the banks CEO in an election ad.
Dodd-Frank is a disaster, he said. Were going to be doing a big number on Dodd-Frank.
Tossing out Dodd-Frank would mean gutting huge swathes of rules restricting big banks, including intricate capital standards and the annual stress tests regulators use to make sure banks wont need to be bailed out to the independent Consumer Financial Bureau.
Read more: http://m.huffpost.com/us/entry/us_5890c587e4b02772c4e98b79?
UPDATE: Feb. 3 ― President Donald Trump signed executive orders on Friday that halt the Obama administrations conflict of interest rule for retirement savings and order a review of the 2010 financial reform rules meant to make banks more stable and less likely to need bailouts.
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