Pence Economist Signals Dodd-Frank Reform Will Happen at Administrative Level

According to an article in Bloomberg BNA, Mark Calabria, Chief Economist to Vice President Mike Pence, has indicated that the President’s appointees will soon begin the work of rolling back many Obama-era financial regulations. While speaking on a panel at the National Association for Business Economics, Calabria pointed out that "since so much of the Obama-era financial regulation was by guidance -- and, I would say, regulation by enforcement -- that part of the Obama era can be easily erased once we have new regulators in place."

In his comments, Calabria spoke specifically to rules promulgated by the Federal Reserve, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.

However, despite signaling significant reforms, he clarified that the Administration would not necessarily pursue a wholesale repeal of Dodd-Frank. A recent edition of Politico's Morning Money quotes Calabria as saying "we may well walk away and say there are provisions that make a lot of sense," he said. "We may walk away and say there are provisions that need to be strengthened, but I think we're most likely certainly to say this [part] needs to go away."

Calabria's remarks follow a February 3rd Executive Order by President Trump, ordering the Treasury Secretary to consult with other members of the Financial Stability Oversight Council and produce a report on financial regulations which can be improved or repealed.

SFIG, by nature of its duty to represent the views of all market participants, strongly believes in the need for financial regulatory reform. However, SFIG would also highlight the importance of maintaining policies proven to promote the healthy functioning of the market. We will engage with members across all asset classes to drive constructive reform.

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