The Dodd-Frank Law was passed after President Obama salvaged the American financial system and part of worlds after a meltdown dropped in his lap by George W. Bush….
The law sign by Trump will ease regulations on parts of the banking system, Not all…..
The bill was supported by Republicans and some Democrats….But Not Senator’s Warren and Sanders, who where strongly against it….
President Trump on Thursday signed a bipartisan bill to loosen key portions of the Dodd-Frank Act of 2010, cementing the first major changes to President Obama’s landmark banking law.
Trump enacted the legislation during a White House ceremony two days after the House of Representatives passed the bill to exempt dozens of banks from strict federal regulation.
Trump had pledged to “dismantle” Dodd-Frank, a law long targeted by Republicans, and touted the bill he signed as the first step in that process. While the bill will release dozens of banks from stronger Federal Reserve oversight, it falls well short of the president’s vow to repeal and replace Dodd-Frank.
“We’ve kept a lot of promises,” Trump said. “This is truly a great day for Americans, and a great day for workers and small businesses across the nation.”
The bill signed by Trump was the product of years of bipartisan negotiations between Republican senators opposed to the entire law and moderate Democrats concerned about its impact on community banks and credit unions. The narrow GOP majority in the Senate made it impossible to pass a Dodd-Frank rollback without the support of moderate Democrats…..