President Trump Dismantled Obama’s ‘Draconian’ Dodd-Frank Law
- Another pro-business achievement for President Trump.
Thursday, President Donald Trump signed into law a measure that loosens Key restraints for banks imposed after the Y 2008 financial crisis and Great Recession. Savoring the legislative triumph, he called it “the next step in America’s unprecedented economic comeback.”
The GOP-crafted bill passed Congress Tuesday with the help of some Democratic votes and allowed President Trump to fulfill his campaign pledge of dismantling the draconian Dodd-Frank law.
The Y 2010 law was enacted by President Barack Hussein Obama and Democrats in Congress in response to the Y 2008 financial crisis.
President Trump held a signing ceremony at the White House not long after announcing the cancellation of his planned 12 June Summit with NKorean leader Kim Jong Un.
The new law raises the threshold at which banks are deemed so big and plugged into the financial grid that if one were to fail it would cause major havoc. Such banks are subject to stricter capital and planning requirements.
President Trump is gaining a major building block in his drive for business-friendly policy changes and easing of regulations that he says have stifled lending, economic growth and job creation.
“As a candidate, I pledged that we would rescue these community banks from Dodd-Frank, the disaster of Dodd-Frank, and now we are keeping that commitment,” President Trump said at the signing event in the Roosevelt Room.
The Dodd-Frank act, named after its co-authors, Democratic Sen. Christopher Dodd of Connecticut and Democratic Rep. Barney Frank of Massachusetts, boosted government oversight of banks.
The banking law also adds to President Trump’s list pro-business legislative achievement, the sweeping tax bill enacted late last year that deeply cut taxes for corporations and wealthy individuals and offered more modest reductions for most ordinary Americans.