Trump’s Transition Team: Dismantle Dodd-Frank

The statement is here.  Excerpt:

* * * Federal policy should focus on free enterprise, while protecting consumers by policing markets for force and fraud.  Both Wall Street and Washington should be held accountable. 

Following the financial crisis, Congress enacted the Dodd-Frank Act, a sprawling and complex piece of legislation that has unleashed hundreds of new rules and several new bureaucratic agencies.  The proponents of Dodd-Frank promised that it would lift our economy. Yet now, six years later, the American people remain stuck in the slowest, weakest, most tepid recovery since the Great Depression.  Paychecks have been stagnant.  Savings are being depleted, millions are unemployed or underemployed, and millions more have dropped out of the workforce altogether.  Economic growth remains below 2%, about half the historic average.  The big banks got bigger while community financial institutions have disappeared at a rate of one per day, and taxpayers remain on the hook for bailing out financial firms deemed "too big to fail." 

The Dodd-Frank economy does not work for working people.  Bureaucratic red tape and Washington mandates are not the answer.  The Financial Services Policy Implementation team will be working to dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation.

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