President-elect Donald Trump on Friday identified deregulation of banks as a top priority for his incoming administration in some of his first comments on his policy intentions since winning the presidency.
He aims to lessen regulations in order for “banks to lend again,” the Republican told the Wall Street Journal, listing financial reform as a top issue along with Obamacare replacement and securing the border.
Trump’s comments are just the latest indication that his administration promises to be more accommodating of the financial services industry that his campaign trail comments indicated.
Officials in his transition team include Republicans with traditionally conservative stances on regulating Wall Street, favoring fewer rules and more competition rather than attempts to break up big institutions.
Early indications suggest that President Obama’s 2010 financial reform law, known as Dodd-Frank, will be a target.
“President-elect Trump has pledged that he would find a way to repreal and replace the Dodd-Frank law,” said Rep. Jeb Hensarling, R-Texas, the chairman of the House Financial Services Committee, speaking earlier in the day on MSNBC.
Hensarling, a top congressional critic of the new banking rules, has been reported as a candidate for Treasury secretary under Trump, although he said Friday that he hadn’t been contacted about the job.
