Major streamlining – and perhaps outright elimination – of the Dodd-Frank regulatory reform legislation is under consideration by the Trump administration, the president said in a meeting Tuesday with leaders of various companies, and top members of his cabinet.
In the meeting, President Donald Trump said in his introductory remarks that bankers in the room will be “very happy because we’re doing a major streamlining and, perhaps, elimination (of the Dodd-Frank laws), and replacing it with something else.”
The Dodd-Frank Wall Street Reform and Consumer Protection Act was passed into law in 2010 as a response to the financial crisis of 2007-08.
The president went on to say that course would be “the minimum.” “But we’re doing a major elimination of the horrendous Dodd-Frank regulations, keeping some obviously, but getting rid of many,” he added, according to remarks by the president posted on the White House website.
In other comments, the president said that the “banks will be able to lend again.”
“So many people come to see me, I see them all the time — small businesses — they’re unable to borrow from banks,” Trump said. “They never had a problem five, six, seven, ten years ago. They had great bankers. They had great relationships. Now they can’t borrow. And we’re going to let the banks loan them money, and they can build their businesses.”