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Dodd-Frank Act is Harming the Economy, says Donald Trump

Donald_trump__newsmax_mediaIn an interview with Reuters, presidential candidate Donald Trump stated financial reforms implemented under President Obama, specifically the Dodd-Frank Act, and the ensuing Consumer Financial Protection Bureau (CFPB), are stifling the economy and he would ditch most all of their provisions.

Dodd-Frank has made it impossible for bankers to function,” he said. “It makes it very hard for bankers to loan money for people to create jobs, for people with businesses to create jobs. And that has to stop.”

In about two weeks he will release a plan for overhauling Dodd-Frank, which would be tantamount to dismantling of the legislation, prompting Democratic frontrunner Hillary Clinton to say that is a “reckless idea” which would “leave middle-class families out to dry.”

Dodd-Frank was passed in the aftermath of the Great Recession to make banks less vulnerable in times of crisis, but it also had the unintended consequence of making it more difficult for consumers to purchase manufactured homes, something the CFPB’s Director Richard Cordray could change with the stroke of a pen, as MHProNews understands.

Congressional Republicans have tried to ease the burden of the new regulations on small and medium-sized banks, and have called for the replacement of the sole CFPB director with a commission, as well as bringing the agency under Congressional oversight. Some have said the CFPB needs to be shelved altogether.

Banks and other lenders have spent six years and millions of dollars in attempting to comply with the law, according to newsmax.

John Hall, of the American Bankers Association (ABA), said, “Every law can be improved, and Dodd-Frank is no exception. Sometimes there are drafting errors. Sometimes a good idea in theory turns out to be unworkable after a closer look in the light of day.”

Representative Jeb Hensarling (R-TX), the chairman of the House Financial Services Committee, who has endorsed Mr. Trump, intends to release his own financial reform package in several weeks.

However, Dennis Kelleher of Better Markets said Trump’s plan would be “a slap in the face to the American people who have suffered so much from the 2008 crash.”

While Trump has not discussed specifics of his plan, he suggested that financial institutions should separate commercial banking activities from investment banking.

He did praise Fed Chair Janet Yellen for keeping interest rates low, but when her term expires he would replace her with a Republican.

For more information on an MH related topic, click here. ##

(Photo credit: newsmax–presidential candidate Donald Trump)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

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