President Trump once again hyped major changes to the President Obama’s banking reforms Friday, pledging further action as he signed two memos relating to provisions of the law.
At Friday’s signing ceremony at the Treasury, Trump called the 2010 Dodd-Frank law a set of “damaging …regulations that failed to hold Wall Street firms accountable.”
“They’ve done, really, in many cases, the opposite of what they were supposed to,” Trump continued. “These regulations enshrined too-big-to-fail and encourage risky behavior.”
Trump has repeatedly issued bold statements about his plans for changing Dodd-Frank, at times pledging to do a “big number” to it or give it a “major haircut.”
The administration has not yet, however, suggested a strategy for doing so.
On Friday, Treasury Secretary Steven Mnuchin did signal a level of interest in a sweeping Dodd-Frank replacement bill released this week by House Financial Services Committee chairman Jeb Hensarling, a legislative package that represents a conservative vision of reform but is thought not to have adequate support in the Senate. “We are supportive of him bringing forward this legislation,” Mnuchin told reporters Friday morning.
For his part, Hensarling issued a statement of support Friday for Trump’s orders, saying that they reflected the principles of his reform effort.
“He pledged to dismantle Dodd-Frank, and his actions today are another significant step towards ending the Dodd-Frank mistake that has given Washington bureaucrats more power to politically control our economy,” Hensarling said.
