Rick Rowden lays out how Trump, Wall Street and the Republicans in Congress are committed to dismantling financial regulation in the US.
While much of the Trump administration’s political agenda has been met with disarray, confusion and failure, the one area where the Trump team has managed to work effectively with Congress and Wall Street is on financial sector reform. Specifically, this means a full frontal assault on the so-called Dodd-Frank financial reform legislation passed in the wake of the 2008 global financial crisis.
Drafted by co-authors US Senator Christopher Dodd and US Representative Barney Frank, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law by President Barack Obama in 2010. Ostensibly, the new rules were to regulate the US financial sector better and limit the risky behaviour on Wall Street that was widely perceived as a trigger of the 2008 global financial crisis.