Trump’s transition team to ‘dismantle’ and replace Dodd-Frank

President-elect Donald Trump’s transition team called the “bureaucratic red tape” of the Dodd-Frank Act economy ineffective and said its Financial Services Policy Implementation team will work to dismantle the statute and replace it with new policies.

The new policies, the transition team said, will “encourage economic growth and job creation.”

Because of Dodd-Frank, the statement said, “the big banks got bigger while community financial institutions have disappeared at a rate of one per day, and taxpayers remain on the hook for bailing out financial firms deemed ‘too big to fail.’ ”

NAFCU President and CEO Dan Berger raised similar concerns in a letter last week to Trump, which congratulated him on his electoral victory and encouraged him to support regulatory relief measures for credit unions.

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