In President Trump’s first joint address to Congress, he listed several top priorities, including repealing Obamacare and enacting tax reform, but made no mention of reforming the Dodd-Frank Act.
Donald Trump is considering nominating U.S. Bancorp Chief Executive Officer Richard Davis for the Federal Reserve Board, said people familiar with the matter, as the president prepares to start reshaping the central bank’s approach to monetary policy and Wall Street oversight.
Regional banks don’t pose risks to the financial system that have caused concern among policymakers, executives of 18 banks told top Republican and Democratic lawmakers in Congress.
Some experts say President Trump is being advised to hold off on firing CFPB Director Richard Cordray to get the Supreme Court to rule on the extent of the president's executive powers.
At the very least, President Trump's executive order on Dodd-Frank is liable to make it tougher to reach compromise on regulatory reform. In the long run, it's helping to push Democrats further to the left.
President Trump is scheduled Friday to order a review of Dodd-Frank and a halt to the Obama fiduciary rule. A signing ceremony is set for noon following a meeting of more than a dozen top corporate executives.
Bank CEOs have recently raised red flags about the president's protectionist rhetoric, including his proposals to tax imports from China and Mexico. The concerns have arisen as import-export financing is already facing headwinds.
President Trump's order to eliminate two regulations for every new one does not apply to financial institution regulators, but may affect banks and credit unions in other ways.
