Last week, President Donald Trump told a group of CEOs that his administration is planning a “very major haircut” on the Dodd-Frank Wall Street Reform Act.
It was hardly the first time that Trump and members of his administration spoke of regulatory reform. On several other occasions, the Trump administration made it known that Dodd-Frank is a target.
But Tuesday, Trump went even further, telling another gathering of CEOs that a full repeal of Dodd-Frank is a possibility.
“We’re going to eliminate wasteful regulations, which we’ve already done – probably 25%,” Trump said Tuesday, before turning his focus specifically to Dodd-Frank.
“You can take a look at Dodd-Frank. For the bankers in the room, they'll be very happy because we're really doing a major streamlining and, perhaps, elimination, and replacing it with something else,” Trump said.
“But that will be the minimum,” Trump added. “But we're doing a major elimination of the horrendous Dodd-Frank regulations, keeping some obviously, but getting rid of many.”
Trump didn’t add any specifics about which rules may be kept and which ones would be tossed aside, but said that his administration's changes will enable banks to “lend again,” repeating a claim he’s made before .
“And we're going to put many millions of people back to work,” Trump said.
“The banks will be able to lend again. So many people come to see me, I see them all the time – small businesses – they're unable to borrow from banks,” Trump said.
“They never had a problem five, six, seven, ten years ago,” Trump continued. “They had great bankers. They had great relationships. Now they can't borrow. And we're going to let the banks loan them money, and they can build their businesses.”
To see Trump’s remarks in full, see the video below. Skip to the 3:11 mark to see Trump’s comments on Dodd-Frank.
