The US President signed an executive order to review the complex bundle of banking rules shortly after he entered the White House this year.
But not regulation that makes it impossible for the banks to loan to people that are going to create jobs.”
“We are not looking to throw out the entirety of Dodd-Frank or other rules (many of which were not specifically prescribed in Dodd-Frank).
“We are absolutely destroying these horrible regulations that have been placed on your heads…You have regulations that are horrendous,” he said.
“Dodd-Frank is an example of what we’re working on and we’re working on it right now.
As it stated in
Trump says planning ‘haircut’ for Dodd-Frank banking regulations
WASHINGTON U.S. President Donald Trump said on Tuesday that his administration is working on changes to Dodd-Frank banking regulations that will make it easier for banks to loan money.
We want strong restrictions, we want strong regulation.
But not regulation that makes it impossible for the banks to loan to people that are going to create jobs,” Trump said.
“We’re going to do a very major haircut on Dodd-Frank.
(Reporting by Roberta Rampton and Jeff Mason; Editing by Chizu Nomiyama)
As it stated in
“We’re going to do a very major haircut on Dodd-Frank,” Trump told a meeting of business leaders in Washington.
Of the Dodd-Frank regulations in particular, Dimon said that they were “unnecessarily complex, costly and sometimes confusing”.
The Dodd-Frank laws were passed in 2010 to stop banks from acquiring disproportionate risk, after several major investment banks had to be bailed out by the government.
“We’re going to be doing things that are going to be very good for the banking industry so that the banks can loan money to people who need it,” Trump added.
Another defeat for the administration could affect US banking stocks, with the majority of Wall Street banks having said they are in favour of de-regulation.