Trump takes aim at US financial oversight law

Washington

US President Donald Trump signed executive orders Friday aimed at reviewing American financial laws and laying the groundwork for what he called a “great economic revival.” Key among them was a six-month review of core parts of the Dodd-Frank law, a measure passed by predecessor Barack Obama in the wake of the 2008 global financial crisis that put “too big to fail” US financial groups under additional regulator scrutiny. Trump has vowed to dismantle Dodd-Frank, calling it a “disaster.” He argues it is too onerous on lenders, making it difficult for American businesses—like his Trump Organization—to get credit. “In many cases, rules have done the opposite of what they were supposed to,” Trump said Friday as he signed the orders at the Treasury Department. Dodd-Frank was enacted in 2010 with the goal of preventing US firms from making risky bets in the financial market in the way the now-bankrupt investment bank Lehman Brothers did. But Trump said it was part of Obama-era regulations “that fail to hold Wall Street firms accountable.”—APP

 

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