Trump Transition Team Promises Dismantlement of Dodd-Frank Act

Chris Gaetano
Published Date:
Nov 10, 2016
Barney Frank and Chris Dodd

President-elect Donald Trump's transition team issued a brief statement saying that Donald Trump would dismantle the Dodd-Frank Act, the legislation passed in the wake of the 2008 financial crisis intended to prevent a similar catastrophe from occurring, according to The Wall Street Journal

The statement calls the act a "sprawling and complex piece of legislation that has unleashed hundreds of new rules and several new bureaucratic agencies" that "does not work for working people," and so said that the Trump Administration will dismantle the Dodd-Frank Act and replace it with "new policies that encourage economic growth and job creation." 

The Dodd-Frank Act, passed in 2010, is a 2,300-page document that, among many other things, established the Consumer Financial Protection Bureau and Financial Stability Oversight Council, explicitly said taxpayers will not be responsible for winding down failing banks, limited speculative activity by commercial banks, and established national underwriting standards for residential loans. 

Click here to see more of the latest news from the NYSSCPA.