Keep crosshairs trained on financial reforms
It’s been a busy first week in office for President Donald Trump, with executive orders on immigration, energy, trade, health care, and more being handed down daily.
But executive orders are just the preamble to the big initiatives that Trump and the Republican majority in Congress are expected to push for shortly.
Chief among those is the “dismantling” of the Dodd-Frank Wall Street Reform Act.
During the presidential transition, Trump’s transition team stated that dismantling Dodd-Frank would be one of the president’s main priorities.
And on Thursday, the American public got a reminder that the president and his party plan to keep that promise.
Speaking before the Congressional Republican Retreat, Vice President Mike Pence said that dismantling Dodd-Frank and its “overbearing mandates” remains a top priority for the Trump administration, a statement that was greeted by applause from the collected Republicans.
(To see Pence’s speech in full, click here. To see the Dodd-Frank section of the speech, fast-forward to the 18:01 mark.)
After Trump and Pence spoke to the GOP retreat, House Financial Services Committee Chairman Rep. Jeb Hensarling, R-Texas, issued a statement saying that he intends to continue pushing for the replacement of Dodd-Frank with a new financial reform package.
Last year, Hensarling introduced the Financial Choice Act, a Republican-crafted Dodd-Frank replacement that would “end taxpayer-funded bailouts of large financial institutions; relieve banks that elect to be strongly capitalized from ‘growth-strangling regulation’ that slows the economy and harms consumers; and impose tougher penalties on those who commit fraud as well as greater accountability on Washington regulators.”
On Thursday, Hensarling said that he will advance the Financial CHOICE Act in the new Congress.