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Trump to roll back regs on banks in new EO.
Posted on 2/3/17 at 2:23 pm
Posted on 2/3/17 at 2:23 pm
Article is behind a paywall
From what I'm seeing, it looks like Trump is going to scale back many of the regs put in place by Dodd-Frank. Including the regulation that requires financial advisors to act as a fiduciary for their clients.
I can understand signing executive orders that repeal previous executive orders, but using EO's to roll back laws passed by congress is bullshite imo. It was bullshite when Obama did it. It's bullshite now.
From what I'm seeing, it looks like Trump is going to scale back many of the regs put in place by Dodd-Frank. Including the regulation that requires financial advisors to act as a fiduciary for their clients.
I can understand signing executive orders that repeal previous executive orders, but using EO's to roll back laws passed by congress is bullshite imo. It was bullshite when Obama did it. It's bullshite now.
17
Posted on 2/3/17 at 2:24 pm to JohnnyKilroy
It's also just a bad idea.
Posted on 2/3/17 at 2:25 pm to JohnnyKilroy
quote:Well, it's a good thing that's not what Trump's EO does, isn't it?
but using EO's to roll back laws passed by congress is bullshite
Posted on 2/3/17 at 2:25 pm to JohnnyKilroy
I'll reserve judgement until I see the details of the EO. However, Dodd-Frank was really bad for small and mid-size banks, and basically made it impossible for banks other than large multi-nationals to survive.
Posted on 2/3/17 at 2:26 pm to LSURussian
quote:
Well, it's a good thing that's not what Trump's EO does, isn't it?
Well, if it repeals regulations put in place by the Dodd-Frank act......
Posted on 2/3/17 at 2:26 pm to JohnnyKilroy
quote:
using EO's to roll back laws passed by congress is bullshite imo.
You should read them more closely. That's not what this EO does.
Posted on 2/3/17 at 2:27 pm to kingbob
quote:
I'll reserve judgement until I see the details of the EO. However, Dodd-Frank was really bad for small and mid-size banks, and basically made it impossible for banks other than large multi-nationals to survive.
I certainly won't argue that Dodd-Frank is the perfect bill, but why on earth would you remove the fiduciary rule?
Posted on 2/3/17 at 2:27 pm to JohnnyKilroy
quote:
using EO's to roll back laws passed by congress is bullshite imo
The Department of Labor thing that he's rolling back failed to make it through congress multiple times before the DOL decided to overstep their bounds and push it through themselves.
Posted on 2/3/17 at 2:27 pm to JohnnyKilroy
quote:
Well, if it repeals regulations put in place by the Dodd-Frank act......
Well, a regulation put into place by an agency is not the same thing as an act of Congress.
Posted on 2/3/17 at 2:27 pm to JohnnyKilroy
I'll reserve judgement too. Dodd was a fricktard. His work with the MPAA secured that.
Frank-dodd did nothing but line the pockets of overpaid consultants.
Frank-dodd did nothing but line the pockets of overpaid consultants.
Posted on 2/3/17 at 2:28 pm to ProjectP2294
quote:
The Department of Labor thing that he's rolling back failed to make it through congress multiple times before the DOL decided to overstep their bounds and push it through themselves.
Yep, and it was a messy rule that was likely to have a lot on unintended consequences.
Posted on 2/3/17 at 2:28 pm to gatorrocks
quote:
Frank-dodd
Dodd-Frank.
Posted on 2/3/17 at 2:28 pm to JohnnyKilroy
It's a review of Dodd Frank, not an order to eliminate.
It will be interesting to see what WSJ has to say tomorrow. They've been railing against DF for years.
It will be interesting to see what WSJ has to say tomorrow. They've been railing against DF for years.
Posted on 2/3/17 at 2:29 pm to Zach
quote:
It will be interesting to see what WSJ has to say tomorrow. They've been railing against DF for years.
Volcker Rule has got to go.
Posted on 2/3/17 at 2:30 pm to JohnnyKilroy
quote:It doesn't.
if it repeals regulations put in place by the Dodd-Frank act......
The D-F Act gave regulators under the Executive Branch of government broad authority to come up with new regulations.
The regs that Trump's EO invalidates were some of those regs. The Act itself didn't specify the regs.
Posted on 2/3/17 at 2:31 pm to JohnnyKilroy
quote:
roll back laws
quote:
scale back many of the regs
There's a difference...and that's the point
Posted on 2/3/17 at 2:32 pm to JohnnyKilroy
quote:Because it was the Plaintiff Attorney Full Employment Act.
but why on earth would you remove the fiduciary rule?
This post was edited on 2/3/17 at 2:34 pm
Posted on 2/3/17 at 2:35 pm to JohnnyKilroy
Dodd-Frank is a disaster
Posted on 2/3/17 at 2:35 pm to JohnnyKilroy
quote:
Trump to roll back regs on banks in new EO.
quote:
using EO's to roll back laws passed by congress is bullshite
Which one is it?
Posted on 2/3/17 at 2:40 pm to Sentrius
quote:
Which one is it?
We don't know. The EO hasn't come out yet. But Trump's advisor and the director of the National Economic Council has said that rolling back the fiduciary rule is just the beginning in terms of scaling back Dodd-Frank.
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