for someone who was going to drain the swamp and clean things up...... he just turned the country over to those that are to big to fail!
next time we may not be so lucky!.... a lot of the "well off" are predicting financial trouble coming and this will not help!
While You Weren't Looking, Trump Basically Killed Dodd-Frank
As the nation’s capital has been consumed by the frothing chaos of President Donald Trump’s administration — botched Muslim bans, sudden personnel changes and the chief executive’s erratic behavior — a steady current of traditional right-wing orthodoxy is sweeping through the federal government. Whatever happens with Russia or the FBI, this tide is washing away former President Barack Obama’s second-greatest legislative achievement: Wall Street reform. And it’s all happening while you’re paying attention to something else.
Trump campaigned on conflicting promises about big banks. One minute, he was going to stick it to the corrupt financial insiders who had wrecked the middle class. The next, he’d vow to liberate our benevolent princes of capital from crushing regulations Obama had cruelly imposed.
Some of Trump’s populist rhetoric followed him into office. But the actual governing has been pure deregulation. Last week, a council of top regulators quietly met to discuss the future of the Volcker Rule ― the most important structural change Obama established for the financial system. A few days later, a freshly installed Trump official went further, threatening to defang the rule “unilaterally” by “reinterpreting” its entire purpose.
The rule is basically dead, Keefe Bruyette & Woods analyst Brian Gardner wrote in a note to clients Monday: “Examiners can start giving banks the benefit of the doubt regarding compliance with Volcker almost immediately.”
The Volcker Rule was conceived as an update to the Depression-era Glass-Steagall law, which banned traditional banks from engaging in risky, high-stakes securities ventures, which became the domain of investment banks, hedge funds and other firms that didn’t rely on federal support. Until its repeal in the 1990s, Glass-Steagall put an end to many conflicts of interest that had plagued banking during the Roaring Twenties, and prevented government subsidies from flowing into speculative securities schemes, which made it harder for big crazy asset bubbles to accumulate.
https://www.yahoo.com/news/while-weren-apos-t-looking-111851443.html
