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
Washington Sues Trump Over Immigration Executive Order
It temporarily bans immigrants from seven countries and suspends the refugee program. Ferguson argues that the Executive Order violates the U.S.
Feb 03 2017
Join WQAD News 8 and go RED this Friday!
News anchors, local personalities, companies and corporations are supporting the day by wearing red , the Heart Association said. Fortunately, that can be changed because 80% of cardiac and stroke events may be prevented with education and action.
Feb 01 2017
Korea agree to strengthen defense against N. Korean threat
The two allies previous year announced the plan to deploy the Terminal High Altitude Area Defense (THAAD) system to South Korea. US President Donald Trump has reiterated the country's ironclad commitment to defend South Korea, the White House said.
Feb 01 2017
Australia, US agree to deal exempting Australian citizens from travel ban
Mr Turnbull was able to convince Mr Trump of the importance of the 76-year US-Australia alliance. Most of the asylum seekers are Muslims from the Middle East, Africa and Asia.
Jan 31 2017
The ACLU Raised $10 Million Since Saturday
Brandon Friedman, a former Obama administration official who commanded a platoon during the invasion of Iraq, said Mr. The founders of ride-share company Lyft also said they would donate $1 million to the ACLU over the next four years .
Jan 31 2017
Snap will reportedly file publicly for its massive IPO late next week
Snap's main product, Snapchat, has become a sensation with a young demographic with its initial ephemeral messaging product. As reported by Recode , later this week the company is set to publish the registration document that it filed with the U.S.
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
Bafta-winning Amour star Emmanuelle Riva dies aged 89
Riva was born on February 24, 1927 in rural France and made her way to Paris at 19 to the dismay of her working-class family. Her nod for an Academy Award aged 85 meant she became the oldest ever Best Actress Oscar nominee.
Jan 29 2017
Mobius Final Fantasy Getting Steam Release, Final Fantasy VII Collaboration Annouced
Shortly after Mobius comes out on PC, the Final Fantasy 7 Remake collaboration event that ran in Japan launches on these shores. Commenting on the crossover, Hamaguchi said that players of Final Fantasy 7 Remake will be joining Cloud on his adventures.
Feb 04 2017The Economy Just Gained 227000 Jobs. Here's How It Can Continue Growing
Feb 03 2017Facebook Revenues Soar As Its Nears 2 Billion Users
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 2017Apple Removes iCloud Activation Lock Status Page for Reasons Unknown
Jan 31 2017At State Department, 'Dissent Channel' In High Gear With Refugee Ban Protests
Jan 31 2017Virginia Gov. Terry McAuliffe speaks about Pres. Donald Trump's ban on immigrants
Jan 31 2017Airlines Offer Full Refund in Wake of Travel Ban
Jan 29 2017Nigerians lose bid to sue oil giant Shell
Feb 04 2017Indian children died after 'eating lychees on empty stomach'
Feb 03 2017Lady Gaga Featured in Tiffany & Co.'s First Super Bowl Commercial
Feb 03 2017United States oil exports set to hit all-time high under Trump
Feb 02 2017Final Fantasy XV Director Talks VR and Potential PC Port
Feb 02 2017Underwater Filmmaker Missing Off Florida Keys
Feb 02 2017Polish FM calls EC President's letter on Trump 'inappropriate'
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 2017Hyperloop passenger pods hurtle along a test track in California contest
Jan 31 2017Almost 200 in downtown Tulsa for pipeline protest
Jan 30 2017GM to slash up to 600 jobs in southwestern Ontario, union says
Jan 29 2017New Allegations: Paula Patton & Robin Thicke's Restraining Orders & Custody Battle