One of the most pork-laden poor excuses for legislation to ever get voted into law. The Dodd-Frank bill was 2,300 pages long and was brought into being after the financial melt-down of 2007. It replaced the Glass-Steagall act of 1933 which prevented public banks from offering investment (risky) services to their customers and vice versa - brokerages were not allowed to act as banks. It was 37 pages long! The passing of the 1999 Gramm–Leach–Bliley Act (GLBA) pulled the teeth of Glass-Steagall and was the root cause of the 2007 financial meltdown.
Today, no more - excerpted from President Trump's statements yesterday:
Remarks by President Trump at Signing of S. 2155, Economic Growth, Regulatory Relief, and Consumer Protection Act
. . .
Since its passage in 2010, Dodd-Frank has dealt a huge blow to community banking. As a candidate, I pledged that we would rescue these community banks from Dodd-Frank — the disaster of Dodd-Frank — and now we are keeping that commitment, and all of the people with me are keeping that commitment. Incredible group of people.
Dodd-Frank’s complex and costly regulations gave large banks an unfair competitive advantage at the expense of neighborhood banks all over the country. Since Dodd-Frank’s passage just eight years ago, 20 percent of small banks have been put out of business — they’ve disappeared — while banks that were considered “too big to fail” — we’ve heard that many time, “too big to fail” — had the resources to comply with Dodd-Frank’s brutal maze of costly regulations. And maybe we’re going to have to start looking at that also for the larger institutions because they also are put at a disadvantage in terms of loaning money to people wanting to open up businesses. So perhaps we’ll be taking a look at that. Many small banks were forced to shut down.
He also touched on the overall economy and unemployment in general:
Today’s legislation is the next step in America’s unprecedented economic comeback. There’s never been a comeback like we’ve made. And one day, the fake news is going to report it. (Laughter.) But that’s okay — you’ve been very nice, actually today. You’ve been extremely nice.
Republicans in Congress passed the biggest tax cut and reform in the history of our country. We passed and signed a record number of bills terminating job-killing regulations. In the history of our country, no President — whether it’s four years, eight years, or sixteen years, in one case — has ever passed more regulation cuts. And these were necessary cuts, because we’re leaving necessary regulations. Regulation is fine, but it’s got to be reasonable. And that’s what we’ve done.
Unemployment has reached its lowest level in nearly two decades. African American unemployment has reached its lowest level in history. And the same thing for Hispanic unemployment — lowest level in history. Women — lowest level of unemployment in 19 years. Small business optimism has never, ever been higher, according to polls and charts.
As a small business owner, I am seeing the results of this Presidency and am really liking what I see. MAGA
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