Bloomberg recently reported, on March 2 2017, that contrary to President Donald Trump’s persistent statements stating the need to repeal the Dodd-Frank Act of 2010, it may not even happen. (https://www.bloomberg.com/news/articles/2017-03-02/dismantling-dodd-frank-may-have-to-wait)
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was established in response to the 2008 financial crisis. This act is designed to place government regulations on the financial industry to prevent another crisis from occurring.
Throughout Donald Trump’s presidential campaign, he repeatedly stated that this act was killing loans and was an anti-job disaster. Many believed that repealing this act would have been one of the first things he would do as president. Writer Peter Coy now says this is unrealistic. Dodd-Frank has been implemented for too many years and has too much support from the Democratic Party to simply remove it. If anything, he says, there may be a replacement of the act, similar to what is being done with ObamaCare. The wheels have been turning for a new act the Republican Party would approve of. There’s one in line for approval, but experts say it has a 20% chance of approval at most.
My opinion regarding all of this confusion is that President Trump realizes he has bigger fish to fry. He was a lot of talk during his presidential campaign, but now realizes he has to clean up some of the mess he’s made with his recent executive orders, before he creates another mess with Dodd-Frank. I think he is beginning to realize that he cannot fulfill all of the promises he made during his campaign because they are too extreme and involve too many complications. For now, the repeal and/or replacement of this act will be on the back burner during this administration and I think that is for the better.