Trump to dismantle Dodd-Frank Wall Street rules through executive orders

www.usatoday.com...

WASHINGTON — President Trump signed two directives Friday rolling back key financial regulations of the Obama era, including restrictions on Wall Street banks and on financial advisers who sell clients expensive financial products with higher commissions, a White House adviser said.

The two executive actions don't take effect immediately, but rather ask federal agencies to review options to cancel existing or proposed regulations.

The hypocrisy that is Trump never ceases to deliver. I mean, taking away the little regs the banks have to follow that was put in place after they sank us back in 2007 sounds like a good idea, right? Goldman Sachs recently paid billions in fines for their part in causing that financial crisis and now that Trump put two of their top men in his cabinet I doubt they had any influence over him to set this into motion.

Unreal, because Trump attacked Clinton for her Wall Street ties yet here he is, in bed with them. His primary financial backers after he won the nomination were in fact Wall Street Billionaire Hedge Fund guys, like Robert Mercer. And now, he's doing their bidding and I expect this won't end well if History has taught us anything.

The Dodd Frank law needed improvements, not removal. What's his plan for keeping these guys in check? Clearly they're guilty of manipulating the economy, causing it to crash, all to make a profit. No jail time, just fines. How will Trump stop this from happening again? Scary thing is, the only thing I've heard him talk about was letting the economy crash because he's the King of Debt and will get a better deal, somehow.

And what in the hell is up with his constant use of EO's? What's he up to now, two a day? I mean really, didn't he and conservatives criticize Obama for his use of them? You know, he probably had too since the GOP controlled house did nothing but oppose him on everything but Trump and the GOP control DC so why all these EO's? Probably a power trip thing.

Someone beat you to it.

Did the EO actually repeal Dodd-Frank?

a reply to: Middleoftheroad

Different forums and he posted it when I was writing mine by 3 minutes. I'm okay with this, are you?

a reply to: xuenchen

Time will tell since Trump is asking federal agencies to decide to cancel it or change it to whatever suits something. So the next question is, who are the agencies and who will be making the decisions there AND how influential will Wall Street continue to be? I'm sure those Goldman Sachs guy will just sit back and let those agencies figure everything out for themselves.

a reply to: Swills

Do dd-Frank Wall Street Reform and Consumer Protection Act

Constitutional challenge to Dodd–Frank

On July 12, 2012, the Competitive Enterprise Institute joined the State National Bank of Big Spring, Texas, and the 60 Plus Association as plaintiffs in a lawsuit[248] filed in the U.S. District Court for the District of Columbia, challenging the constitutionality of provisions of Dodd–Frank.[249] The complaint asked the court to invalidate the law,[248] arguing that it gives the federal government unprecedented, unchecked power. The lawsuit was amended on September 20, 2012, to include the states of Oklahoma, South Carolina, and Michigan as plaintiffs.[250] The states asked the court to review the constitutionality of the Orderly Liquidation Authority established under Title II of Dodd–Frank.

In February 2013 Kansas Attorney General Derek Schmidt announced that Kansas along with Alabama, Georgia, Ohio, Oklahoma, Nebraska, Michigan, Montana, South Carolina, Texas and West Virginia would join the lawsuit.[251] The second amended complaint included those new states as plaintiffs.[252]

On August 1, 2013, U.S. District Judge Ellen Segal Huvelle dismissed the lawsuit for lack of standing.[253][254] In July 2015, the Court of Appeals for the District of Columbia Circuit affirmed in part and reversed in part, holding that the bank, but not the states that later joined the lawsuit, had standing to challenge the law, and returned the case to Huvelle for further proceedings.[255][256]

google the term dodd-frank struck down and see how its been gutted by the courts.

originally posted by: xuenchen
Did the EO actually repeal Dodd-Frank?

An EO can NOT repeal a law. Only Congress can (or the courts).

originally posted by: xuenchen
Did the EO actually repeal Dodd-Frank?

No. An EO can't do that, that takes an act of Congress. An EO can alter existing laws though, and that's what was done in this case in order to remove certain regulations.

a reply to: Xcathdra

Exactly and it looks like the kill shot is being lined up. I'm sorry, but Wall Street and these big banks like Goldman Sachs are 100% guilty and clearly can't be trusted to act on their ethics and morality, because they have none. They need to be reigned in and what little there was to accomplish that will be taken away completely. Trump openly campaigned about getting rid of it and he's making good on that promise. Does he have a plan to keep them in check? I doubt it, Goldman Sachs is literally in his administration.

a reply to: Xcathdra

GOP led congress will approve all EO's, and definitely many multinational corporate funded Democrats. Hell, I bet Barney Frank will vote to repel it!

a reply to: Swills

The kill shots were lined up by the courts and not Trump.

originally posted by: Swills
a reply to: Xcathdra

GOP led congress will approve all EO's, and definitely many multinational corporate funded Democrats. Hell, I bet Barney Frank will vote to repel it!

Please understand what an EO is before making claims on it. An EO cannot repeal a law. Only Congress can.

Trump to dismantle Dodd-Frank Wall Street rules through executive orders

The middle class is going to love it.

Especially when they look at their IRA's,401k's, and Keogh accounts.

I digress.

Bad Trump!

Bad Trump!

Bad Trump!

yadda,yadda,yadda.

a reply to: Xcathdra

No, they were lined up by the courts and clearly Trump is firing off the kill shot. Seriously?

So a billionaire is helping other billionaires?! Say it ain't so. Who could have possibly seen this coming?

I have a feeling that we're going to be in a world of # by the time 2021 rolls around. Trump is empowering the same people who caused the 2008 financial collapse and subsequent bailouts.

What a clown, but people seem to love the circus nowadays.

originally posted by: Xcathdra

originally posted by: xuenchen
Did the EO actually repeal Dodd-Frank?

You clearly just said,

An EO can NOT repeal a law. Only Congress can (or the courts).

How does you post make any sense after I said,

GOP led congress will approve all EO's, and definitely many multinational corporate funded Democrats. Hell, I bet Barney Frank will vote to repel it!

This is all part of Trump's promise to reduce the power of the Federal government.
They have way too much control over everything.

The FRANK Dodd law.

LOL.

Wasn't Goldman Sachs that caused the financial crisis.

Named after this clown.

a reply to: BlueAjah

But letting Wall Street do what they want is a good thing?

a reply to: Swills

Because Congress does not approve EO's.