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NEWS Trump to tear up Dodd-Frank regulations
team is set to dismantle the Dodd–Frank Wall Street Reform and Consumer Protection Act. The plan is to replace it with “new policies to encourage economic growth and job creation…Bureaucratic red tape and Washington mandates are not the answer. The Dodd-Frank economy does not work for working people,” it says on its website.
P
Following the financial crisis, Congress enacted the Dodd-Frank Act, which according to the Trump camp is “a sprawling and complex piece of legislation that has unleashed hundreds of new rules and several new bureaucratic agencies. The proponents of Dodd-Frank promised that it would lift the economy. Yet now, six years later, the American people remain stuck in the slowest, weakest, most tepid recovery since the Great Depression. Paychecks have been stagnant. Savings are being depleted, millions are unemployed or underemployed, and millions more have dropped out of the workforce altogether. Economic growth remains below 2%, about half the historic average. 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.”
So there you have it. We can’t wait to see what they replace it with, something spectacular and greater than anyone has
resident-elect Donald Trump’s transition
ever seen. Obviously.
Also in Trump Land…The former reality TV star has named Peter Thiel to the executive committee of his transition team. In October, the venture capitalist and hedge fund manager, who co-founded PayPal in 1998 and served as its Chairman and CEO, hit back at Silicon Valley’s condemnation of his $1.25 million donation to Trump’s campaign. Many in Silicon Valley had called for him to be dropped from the board of directors of incubator Y Combinator and Facebook. Thiel also angered First Amendment supporters by bankrolling the Hulk Hogan lawsuit that brought down Gawker.
“I was surprised by the intensity,” Thiel told The New York Times. “This is one of the few times I was involved in something that was not a fringe effort but was mainstream. Millions of people are backing Trump. I did not appreciate quite how polarising the election would be in Silicon Valley and elsewhere…The millions of people who vote for Trump are not doing it because of the worst things he said or did. That’s ridiculous. The Americans who are voting for Trump are doing it because they judge the situation of the country to be urgent. We’re at such a crucial point that you have to overlook personal characteristics.”
Scott Thompson
www.ibsintelligence.com © IBS Intelligence 2016
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