“And we’ve learned a lot since then, and some parts of the law should change to reflect that.”
When Mr. Trump signed an executive order last week to identify “government policies
that inhibit federal regulation of the United States financial system,” it was widely seen as the first step in overhauling Dodd-Frank.
Though Mr. Trump’s recent executive order on immigration has received far more attention, the financial
reforms proposed by the president would affect millions more Americans than any travel ban.
So, as a public service, I’m going to regularly evaluate some of Mr. Trump’s activities,
and help you decide which ones are cause for alarm — and which, to be honest, are fairly rational attempts at governing, the same kinds of shifts we might expect if Hillary Clinton or a different Republican had been elected president.
“We wrote this in the wake of a major crisis, and I think the legislation reflected that,” said
Barney Frank, a former representative from Massachusetts who was a co-sponsor of the law.
First up: Mr. Trump’s executive order, signed last Friday, to roll back Dodd-Frank.
Two years after the world’s economic system imploded in 2008, the Obama administration
and a Democratic Congress erected these new rules to prevent another crisis from happening.
Among those concerns may be President Trump’s pledge to do “a big number” on the financial regulations
put in place after the 2008 financial crisis, reforms known as the Dodd-Frank Act.