The wave of financial deregulation is upon us
Win McNamee/Getty Images
With the stroke of a pen, President Trump has potentially started the unwinding of many of the hallmark financial regulations of the Obama administration.
This afternoon, the president ordered a review of the 2010 financial regulatory law Dodd-Frank and directed the Secretary of Labor to review the fiduciary rule, a regulation set to go into effect in April.
The president has derided Dodd-Frank as "a disaster" and promised to "do a big number" on the law.
Trump said on Friday January 3 that he hoped to talk to JPMorgan CEO Jamie Dimon about revising the Dodd-Frank financial regulation.
"There is nobody better to tell me about Dodd-Frank than Jamie," Trump said, referring to Dimon. "So he has to tell me about it, but we expect to be cutting a lot from Dodd-Frank because I have so many people, friends of mine, that have nice businesses, and they can't borrow money. They can't get money from the banks - they just can't get any money because the banks won't let them borrow because of rules and regulations in Dodd-Frank."
The administration is set to look at three key areas of the rule. In particular, they seem set to look at:
- I got a $40K raise using this 30-second strategy. It made me realize loud work, not hard work, always wins.
- Qatar Airways' new CEO explains why it's sticking with the Airbus A380 as other airlines retire the costly superjumbo
- Prince Harry and Meghan found out about Kate Middleton's cancer diagnosis on TV like everyone else, report says
- PM Modi and Bill Gates discuss AI, climate change, millets and more
- Consuming excessive salt and inadequate potassium, protein is making North Indians prone to life-threatening diseases: Study
- Upcoming cars and two-wheelers launching in India in April 2024
- Ice melt in Antarctica and Greenland is slowing Earth's rotation, affecting timekeeping: Study
- Elections on a plate: Poll panels fix menu & expense ceiling for Samosa, tea, biryani & more