Trump will not find it easy to dismantle the Dodd-Frank banking law
Putting in place the strictures imposed on Wall Street after the financial crisis took seven years — and it will take time to unwind them
Washington — It has taken seven years to put in place the regulatory strictures imposed on Wall Street after the financial crisis. They won’t be removed fast or easily. President Donald Trump’s Friday directive that set in motion a scaling back of the Dodd-Frank Act was more pageantry than policy, said lawyers and former government officials who worked on the 2010 law. While expectation for quick action sent bank stocks higher on Friday, many roadblocks remain before lenders get relief. Chief among the hurdles is that Trump doesn’t have any of his appointees running the agencies that oversee financial rules. Congress, too, will have to pass new legislation to ease many Dodd-Frank regulations. And the president’s decision to put two former Goldman Sachs partners in charge of the effort — less than a decade after the bank’s traders helped bring the economy to the edge of collapse — galvanized opposition from Democrats. Trump’s order is "more of a signal to the marketplace than real ac...
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