President Donald Trump made the statement during a meeting with small business leaders at the White House on Monday. (Screenshot)
Jan 30, 2017
On the same day he signed an executive order aimed at massive deregulation, President Donald Trump told a group of small business leaders that he plans to "do a big number on Dodd-Frank," the Obama-era bill enacted to rein in big banks and prevent another financial crisis.
"Dodd-Frank is a disaster and we're gonna do a big number on Dodd-Frank," he said at the White House on Monday.
He made similar pledges to "dismantle" Dodd-Frank on the 2016 campaign trail and since his election in November, and the New York Timesnotes that Trump's pick to head the Treasury Department, Steven Mnuchin, "also has promised to 'kill' parts of the law, including the so-called Volcker rule restricting banks from making certain kinds of speculative investments of the kind that led to the 2008-9 global economic crisis." The Senate Finance Committee is set to vote on Mnuchin's confirmation on Monday afternoon.
Further signaling the financial reform act is in the Trump administration's crosshairs, Vice President Mike Pence spoke on the subject at last week's GOP congressional retreat in Philadelphia.
"We will roll back the recent avalanche of regulations stifling American growth starting next week," Pence reportedly said. "It means slashing tax reform, slashing rates for businesses and working families, passing regulatory relief of the [Congressional Review Act] to prevent bureaucrats from crushing the economy and the American people's dreams from the comfort of taxpayer-funded offices in Washington D.C., and it means dismantling Dodd-Frank's laws and overbearing mandates so that well-capitalized, well-regulated banks can meet the needs of small businesses."
But as former assistant treasury secretary for financial institutions and professor of law and public policy at the University of Michigan Michael Barr warned in December:
Ending Dodd-Frank would be deeply misguided and likely to recreate the very conditions that led to the 2008 financial crisis, shuttered American businesses, and cost millions of Americans their jobs. The financial sector will get a nice sugar high for a few years, and then crash the economy.
That doesn't seem to faze Republicans who are financially backed by the same institutions that have been gunning for Dodd-Frank since the day it passed Congress. On the same day as Pence spoke, House Financial Services Committee chairman Jeb Hensarling (R-Texas) issued a statement agreeing with the vice president and reaffirming his commitment to tearing down the law and replacing it with the so-called Financial CHOICE Act--dubbed last year by Sen. Elizabeth Warren (D-Mass.) a "wet kiss for Wall Street."
"We cannot allow Republicans to take us back to the depths of the financial crisis by weakening regulatory oversight and giving banks the tools to game the system once again," Warren declared last year.
But it looks like that's just what President Trump wants to do.
Why Your Ongoing Support Is Essential
Donald Trump’s attacks on democracy, justice, and a free press are escalating — putting everything we stand for at risk. We believe a better world is possible, but we can’t get there without your support. Common Dreams stands apart. We answer only to you — our readers, activists, and changemakers — not to billionaires or corporations. Our independence allows us to cover the vital stories that others won’t, spotlighting movements for peace, equality, and human rights. Right now, our work faces unprecedented challenges. Misinformation is spreading, journalists are under attack, and financial pressures are mounting. As a reader-supported, nonprofit newsroom, your support is crucial to keep this journalism alive. Whatever you can give — $10, $25, or $100 — helps us stay strong and responsive when the world needs us most. Together, we’ll continue to build the independent, courageous journalism our movement relies on. Thank you for being part of this community. |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
Deirdre Fulton
Deirdre Fulton is a former Common Dreams senior editor and staff writer. Previously she worked as an editor and writer for the Portland Phoenix and the Boston Phoenix, where she was honored by the New England Press Association and the Association of Alternative Newsweeklies. A Boston University graduate, Deirdre is a co-founder of the Maine-based Lorem Ipsum Theater Collective and the PortFringe theater festival. She writes young adult fiction in her spare time.
On the same day he signed an executive order aimed at massive deregulation, President Donald Trump told a group of small business leaders that he plans to "do a big number on Dodd-Frank," the Obama-era bill enacted to rein in big banks and prevent another financial crisis.
"Dodd-Frank is a disaster and we're gonna do a big number on Dodd-Frank," he said at the White House on Monday.
He made similar pledges to "dismantle" Dodd-Frank on the 2016 campaign trail and since his election in November, and the New York Timesnotes that Trump's pick to head the Treasury Department, Steven Mnuchin, "also has promised to 'kill' parts of the law, including the so-called Volcker rule restricting banks from making certain kinds of speculative investments of the kind that led to the 2008-9 global economic crisis." The Senate Finance Committee is set to vote on Mnuchin's confirmation on Monday afternoon.
Further signaling the financial reform act is in the Trump administration's crosshairs, Vice President Mike Pence spoke on the subject at last week's GOP congressional retreat in Philadelphia.
"We will roll back the recent avalanche of regulations stifling American growth starting next week," Pence reportedly said. "It means slashing tax reform, slashing rates for businesses and working families, passing regulatory relief of the [Congressional Review Act] to prevent bureaucrats from crushing the economy and the American people's dreams from the comfort of taxpayer-funded offices in Washington D.C., and it means dismantling Dodd-Frank's laws and overbearing mandates so that well-capitalized, well-regulated banks can meet the needs of small businesses."
But as former assistant treasury secretary for financial institutions and professor of law and public policy at the University of Michigan Michael Barr warned in December:
Ending Dodd-Frank would be deeply misguided and likely to recreate the very conditions that led to the 2008 financial crisis, shuttered American businesses, and cost millions of Americans their jobs. The financial sector will get a nice sugar high for a few years, and then crash the economy.
That doesn't seem to faze Republicans who are financially backed by the same institutions that have been gunning for Dodd-Frank since the day it passed Congress. On the same day as Pence spoke, House Financial Services Committee chairman Jeb Hensarling (R-Texas) issued a statement agreeing with the vice president and reaffirming his commitment to tearing down the law and replacing it with the so-called Financial CHOICE Act--dubbed last year by Sen. Elizabeth Warren (D-Mass.) a "wet kiss for Wall Street."
"We cannot allow Republicans to take us back to the depths of the financial crisis by weakening regulatory oversight and giving banks the tools to game the system once again," Warren declared last year.
But it looks like that's just what President Trump wants to do.
Deirdre Fulton
Deirdre Fulton is a former Common Dreams senior editor and staff writer. Previously she worked as an editor and writer for the Portland Phoenix and the Boston Phoenix, where she was honored by the New England Press Association and the Association of Alternative Newsweeklies. A Boston University graduate, Deirdre is a co-founder of the Maine-based Lorem Ipsum Theater Collective and the PortFringe theater festival. She writes young adult fiction in her spare time.
On the same day he signed an executive order aimed at massive deregulation, President Donald Trump told a group of small business leaders that he plans to "do a big number on Dodd-Frank," the Obama-era bill enacted to rein in big banks and prevent another financial crisis.
"Dodd-Frank is a disaster and we're gonna do a big number on Dodd-Frank," he said at the White House on Monday.
He made similar pledges to "dismantle" Dodd-Frank on the 2016 campaign trail and since his election in November, and the New York Timesnotes that Trump's pick to head the Treasury Department, Steven Mnuchin, "also has promised to 'kill' parts of the law, including the so-called Volcker rule restricting banks from making certain kinds of speculative investments of the kind that led to the 2008-9 global economic crisis." The Senate Finance Committee is set to vote on Mnuchin's confirmation on Monday afternoon.
Further signaling the financial reform act is in the Trump administration's crosshairs, Vice President Mike Pence spoke on the subject at last week's GOP congressional retreat in Philadelphia.
"We will roll back the recent avalanche of regulations stifling American growth starting next week," Pence reportedly said. "It means slashing tax reform, slashing rates for businesses and working families, passing regulatory relief of the [Congressional Review Act] to prevent bureaucrats from crushing the economy and the American people's dreams from the comfort of taxpayer-funded offices in Washington D.C., and it means dismantling Dodd-Frank's laws and overbearing mandates so that well-capitalized, well-regulated banks can meet the needs of small businesses."
But as former assistant treasury secretary for financial institutions and professor of law and public policy at the University of Michigan Michael Barr warned in December:
Ending Dodd-Frank would be deeply misguided and likely to recreate the very conditions that led to the 2008 financial crisis, shuttered American businesses, and cost millions of Americans their jobs. The financial sector will get a nice sugar high for a few years, and then crash the economy.
That doesn't seem to faze Republicans who are financially backed by the same institutions that have been gunning for Dodd-Frank since the day it passed Congress. On the same day as Pence spoke, House Financial Services Committee chairman Jeb Hensarling (R-Texas) issued a statement agreeing with the vice president and reaffirming his commitment to tearing down the law and replacing it with the so-called Financial CHOICE Act--dubbed last year by Sen. Elizabeth Warren (D-Mass.) a "wet kiss for Wall Street."
"We cannot allow Republicans to take us back to the depths of the financial crisis by weakening regulatory oversight and giving banks the tools to game the system once again," Warren declared last year.
But it looks like that's just what President Trump wants to do.
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.