Trump Elected: Favors repeal of much of Dodd-Frank

Republican Donald Trump, having confounded political experts with his election as the nation’s 45^th president Tuesday, has said he wants to repeal much of Dodd-Frank, but has provided scant details of the financial institution regulatory regime he favors.

Trump won the race with an anti-Washington message and has said that federal regulations have hampered an economic recovery.

Republicans also maintained their majorities in the House and Senate. However, they lack the 60-vote majority in the Senate that is often needed to pass contentious legislation.

During the campaign, Trump specifically singled out Dodd-Frank, saying that the law has made it impossible for bankers to loan money to businesses to create jobs.

House Republicans have proposed comprehensive legislation that would replace Dodd-Frank with a new regulatory regime. House Financial Services Chairman Jeb Hensarling (R-Texas) has met with Trump to discuss that plan. But Trump has not publicly endorsed that legislation, which also would decrease the powers of the CFPB and require agencies to provide regulatory relief for community banks and credit unions.

continue reading »