Trump Transition Team Announces Plans to Dismantle Dodd-Frank

On Thursday, November 10th, President-elect Donald Trump’s transition team announced that his administration will take steps to “dismantle” the Dodd-Frank Act and replace it with a new set of policies aimed at promoting economic growth and job creation. This statement is especially noteworthy given that it marks one of the first major policy announcements that Trump’s team has made since he was elected.

The statement takes aim at Dodd-Frank, linking it to “the slowest, weakest, most tepid recovery since the Great Depression.” It then goes on to say that as a result of the law, “big banks got bigger while community financial institutions have disappeared…and taxpayers remain on the hook for bailing out financial firms deemed ‘too big to fail.’” As outlined by the proposal, reforms will be led by Trump’s “Financial Services Policy Implementation team.” It remains to be seen what alternative policies Trump’s administration would propose. However, some initiatives being pursued by Congressional Republicans, such as the Financial CHOICE Act, may serve as a guide.

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