Trump to dismantle Dodd-Frank
Trump’s transition team says getting rid of Dodd-Frank is high on the agenda.
A section devoted to financial regulations on his official transition website makes clear President Trump would work to undo President Obama’s landmark Wall Street regulation law.
“Federal policy should focus on free enterprise, while protecting consumers by policing markets for force and fraud,” the website stated. “The Dodd-Frank economy does not work for working people. Bureaucratic red tape and Washington mandates are not the answer. The Financial Services Policy Implementation team will be working to dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation.”
Trump had criticized Dodd-Frank on the campaign trial but never offered a specific plan for what he would want to do regarding financial regulation if he were elected.
The website does not delve into specifics, either about what parts of Dodd-Frank will be targeted or what policies could be put in place to replace it. And specifically, one policy item not mentioned was a return of the Glass-Steagall Act. That law, repealed in the late 1990s, created a firewall between traditional banking and investment banking.