The first three weeks of the Trump presidency have been full of activity. Within President Trump’s first few hours in office, he was signing executive orders, and he does not appear to be slowing down any time soon. On February 3rd, he signed an order that directs the Secretary of the Treasury to review the Dodd-Frank financial oversight law and report his recommendations.
President Trump and his administration believe that the law hinders economic growth and should be repealed. His order does not change any of the regulations currently in effect, and the final report from the Secretary of the Treasury is not due until summer. Nonetheless, the wheels of change are in motion.
In September 2016, Representative and Chairman of the House Financial Service Committee Jeb Hensarling of Texas authored The Financial CHOICE Act, targeting several key areas of Dodd-Frank for reform. It includes some of the same items expected to be part of the President’s review. Two are particularly noteworthy.continue reading »