Donald Trump is planning to sign yet another executive order, this time to scale back or cut entirely the Dodd-Frank financial-overhaul law. It's part of Obama's financial sector regulatory system that was put in place to give people more financial protection after the financial crisis.
"Americans are going to have better choices and Americans are going to have better products because we're not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year. The banks are going to be able to price product more efficiently and more effectively to consumers." -- Gary Cohn, White House National Economic Council Director.
But what is Dodd-Frank law and why should you care? President Obama signed the Dodd-Frank law to make sure the financial crisis as we saw it would never happen again. It is meant to prevent excessive risk-taking that was the root cause of the financial crisis in 2007–2009.
A few things Dodd-Frank Wall Street Reform and Consumer Protection Act put in place were:
"Americans are going to have better choices and Americans are going to have better products because we're not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year. The banks are going to be able to price product more efficiently and more effectively to consumers." -- Gary Cohn, White House National Economic Council Director.
But what is Dodd-Frank law and why should you care? President Obama signed the Dodd-Frank law to make sure the financial crisis as we saw it would never happen again. It is meant to prevent excessive risk-taking that was the root cause of the financial crisis in 2007–2009.
A few things Dodd-Frank Wall Street Reform and Consumer Protection Act put in place were:
| - Comprehensive regulation of financial markets and increased transparency of derivatives. - Tightened regulation of credit rating agencies. - Restriction for banks in the United States from making certain kinds of speculative investments that do not benefit their customers |
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