Feb 04 2017
During the campaign and transition, Trump and his advisors would swing wildly from criticizing Obama for not doing enough to fight Wall Street special interests, to vowing to overturn the rules regulating the industry.
The executive action cannot obliterate Dodd-Frank on its own and without the help of lawmakers in Congress, but it has started an evaluation process that could lead to a sweeping dismantling of the Wall Street regulations and institutions put in place following the financial crisis. The question, as always when the Trump White House repeals laws or regulations, is what the administration intends to do instead.
Trump called the regulation a "disaster" recently during a meeting with business leaders. Trump has spoken about scaling back Dodd-Frank- and possibly jeopardizing the stability of America's economy and our economic protection-in the interest of his friends who "have nice businesses". "They just can't get any money because the banks just won't let them borrow it because of the rules and regulations in Dodd-Frank".
The executive order instructs the Treasury secretary to conduct a review of the law, which was crafted and implemented in 2010 following the 2008 financial crisis.
On Fox Business Network this morning, White House economic adviser Gary Cohn said the order is aimed at freeing up capital for entrepreneurs and small businesses. The law severely limited risk-taking on Wall Street with an aim of essentially turning banks into utilities, but critics claim the regulations made it impossible for banks to function efficiently and provide the US economy with the credit it needs. "It is a bad rule for consumers", Cohn said.
Many of the Act's supporters point to the billions of dollars returned to US consumers through regulatory actions mounted by the Consumer Finance Protection Bureau, an agency created by the Act whose future is now in doubt.
Rumours (or fears, depending on who you ask) that Donald Trump is looking into scrapping the Dodd-Frank Act seem to have been confirmed today, as US President has ordered a wide-ranging review.
Reportedly, both Trump and Steven Mnuchin, Trump's nominee for secretary of treasury and a former partner of Goldman Sachs and hedge fund manager, are in favor of "a 21st century version" of Glass-Steagall Act, a post-Depression act that required that banks separate commercial deposit banking from investment banking.
Earlier Friday, the Senate used an unusual pre-dawn vote to approve legislation, 52-47, killing a regulation that has required oil and gas companies to disclose payments to the US or foreign governments for commercial development. Lisa Donner, executive director of lobby group Americans for Financial Reform, said: "What they are trying to do is make it easier for big banks to steal from people". "There's the administrative piece, which [Trump] is starting to address through executive action, and then there's the legislative piece, which we're going to work with congress on", Spicer said.
Feb 04 2017
CBS, Entercom to Merge Radio Business
In this deal, CBS shareholders will have the opportunity to exchange all, some, or none of their CBS shares for CBS Radio shares. The deal, subject to regulatory approvals and a vote by Entercom's board, is expected to close in the second half of the year.
Feb 03 2017
Senate committee forwards Pruitt EPA nomination
Environmental groups have strongly criticized this play by the Senate environment committee Republicans. Milloy believes Pruitt will help protect the environment, but in a way that's friendly to the economy.
Feb 02 2017
Final Fantasy XV Director Talks VR and Potential PC Port
Performance hiccups made traveling the world, a major element of the game's design, much less enjoyable than it could have been. Paul Chapman is the host of The Greatest Movie EVER! Kitase: "We're still brushing up the scenes we showed you in the trailer".
Feb 02 2017
Underwater Filmmaker Missing Off Florida Keys
Stewart is a wildlife photographer, filmmaker and conservationist. Early Wednesday, Alexandra pleaded for assistance in the search. Born in Toronto, he's well known for underwater filming.
Jan 31 2017
Chuck Schumer Vows To Fight Trump Immigration Order
The Department of Homeland Security said the court rulings would not stop implementation of Trump's order. Democrats will fight President Donald Trump's "unconstitutional" refugee ban, pledged a teary-eyed Sen.
Jan 31 2017
Apple Removes iCloud Activation Lock Status Page for Reasons Unknown
An alternative way to find out if an iOS device is Activation Locked without having the product in your possession is not given. It's possibly that Apple has been getting far more of these complaints and chose to disable the service once and for all.
Jan 31 2017
Virginia Gov. Terry McAuliffe speaks about Pres. Donald Trump's ban on immigrants
On Sunday , the Department of Homeland Security said it would continue to enforce the administration's executive order. In addition to Syria, the other countries affected by the ban are Iraq, Iran, Libya, Somalia, Sudan, and Yemen.
Jan 30 2017
Spurs Advance After Seven-Goal Thriller
"To be honest, they were much better than us in the first half, full credit to them", conceded Mauricio . Maybe they were lucky with a few extra seconds added, that was about it'.
Jan 30 2017
GM to slash up to 600 jobs in southwestern Ontario, union says
Canadian auto workers are shocked at a General Motors decision to cut 600 jobs at a plant near London, Ontario. GM says it will shift production of the GMC Terrain SUV from a plant in Ingersoll, Ontario, to one in Mexico.
Jan 29 2017
Nigerians lose bid to sue oil giant Shell
In 2015, Shell agreed to an $84m (£55m) settlement with residents of the Bodo community in the Niger Delta for two oil spills. Legal firm Leigh Day , representing the claimants, called it a "very surprising decision".
Feb 04 2017Indian children died after 'eating lychees on empty stomach'
Feb 03 2017Facebook Revenues Soar As Its Nears 2 Billion Users
Feb 03 2017United States oil exports set to hit all-time high under Trump
Feb 01 2017Sen. King 'Concerned' by Trump's National Security Council Changes
Feb 01 2017Walmart Just Gave Shoppers a Big Reason to Drop Amazon
Feb 01 2017MacBook Pro with Touch Bar banned from bar exam in multiple states
Jan 31 2017The ACLU Raised $10 Million Since Saturday
Jan 31 2017Snap will reportedly file publicly for its massive IPO late next week
Jan 31 2017Airlines Offer Full Refund in Wake of Travel Ban
Jan 30 2017Bafta-winning Amour star Emmanuelle Riva dies aged 89
Feb 04 2017The Economy Just Gained 227000 Jobs. Here's How It Can Continue Growing
Feb 03 2017Washington Sues Trump Over Immigration Executive Order
Feb 03 2017Join WQAD News 8 and go RED this Friday!
Feb 01 2017Eurozone GDP growth beats expectations as inflation edges up and unemployment falls
Feb 01 2017Korea agree to strengthen defense against N. Korean threat
Feb 01 2017Trump's Controversial Education Pick Betsy DeVos Barely Clears Senate Hurdle
Feb 01 2017Nintendo Officially Ends Wii U Production in Japan
Jan 31 2017American basketball players reportedly stranded amid travel bans
Jan 31 2017Hyperloop passenger pods hurtle along a test track in California contest
Jan 31 2017At State Department, 'Dissent Channel' In High Gear With Refugee Ban Protests
Jan 31 2017Almost 200 in downtown Tulsa for pipeline protest
Jan 29 2017New Allegations: Paula Patton & Robin Thicke's Restraining Orders & Custody Battle