Dodd-Frank Repealed by US government

gerhard dengler

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Instead of waffling endlessly about amending refugee visa legislation and wall building legislation, both of which won't have any impact whatsoever on 99.9% of the entire planet, the new American government has repealed Dodd-Frank legislation.

Dodd-Frank legislation was enacted to put safety measures in place to help secure US financial system, following 2008 financial collapse.

The new US government has decided that Dodd-Frank enacts far too much regulation and has sought to "row back" this level of regulation.

Dodd-Frank also tries to ensure a clear demarcation between the investment activities of a bank from the retail activities in the same bank (Volcker rule).

The repeal of Dodd-Frank could seek banks and lenders resorting to pre 2008 behaviour.
We have no notice as to what the US government intends to replace Dodd-Frank with.

https://www.msn.com/en-us/money/markets/trump-begins-assault-on-dodd-frank-financial-regulations/ar-AAmAFNb
 


Nemesiscorporation

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Instead of waffling endlessly about amending refugee visa legislation and wall building legislation, both of which won't have any impact whatsoever on 99.9% of the entire planet, the new American government has repealed Dodd-Frank legislation.

Dodd-Frank legislation was enacted to put safety measures in place to help secure US financial system, following 2008 financial collapse.

The new US government has decided that Dodd-Frank enacts far too much regulation and has sought to "row back" this level of regulation.

Dodd-Frank also tries to ensure a clear demarcation between the investment activities of a bank from the retail activities in the same bank (Volcker rule).

The repeal of Dodd-Frank could seek banks and lenders resorting to pre 2008 behaviour.
We have no notice as to what the US government intends to replace Dodd-Frank with.

https://www.msn.com/en-us/money/markets/trump-begins-assault-on-dodd-frank-financial-regulations/ar-AAmAFNb
The next crash should be interesting. If they take away much more regulation it will probably take down the dollar, sterling and the trans-Atlantic banking system.
 
D

Deleted member 48908

I'd personally like to see Glass-Steagall make a return.
 

NYCKY

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Instead of waffling endlessly about amending refugee visa legislation and wall building legislation, both of which won't have any impact whatsoever on 99.9% of the entire planet, the new American government has repealed Dodd-Frank legislation.

Dodd-Frank legislation was enacted to put safety measures in place to help secure US financial system, following 2008 financial collapse.

The new US government has decided that Dodd-Frank enacts far too much regulation and has sought to "row back" this level of regulation.

Dodd-Frank also tries to ensure a clear demarcation between the investment activities of a bank from the retail activities in the same bank (Volcker rule).

The repeal of Dodd-Frank could seek banks and lenders resorting to pre 2008 behaviour.
We have no notice as to what the US government intends to replace Dodd-Frank with.

https://www.msn.com/en-us/money/markets/trump-begins-assault-on-dodd-frank-financial-regulations/ar-AAmAFNb
Has it actually been repealed?

From your link, it appears that work is underway to break it up but I don't think it will be fully repealed.
 

NYCKY

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I'd personally like to see Glass-Steagall make a return.
I would too but I don't think it is a realistic possibility unless it was done globally. With the state of the international banking system, before it was repealed you could drive a coach and four through it.
 

GDPR

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It would make more sense to enact replacement legislation or this the intention to return to pre Dodd-Frank?
 

Analyzer

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I always got the sense that Dodd-Frank was an attempt at bringing in rules to look after big banks, without ever having to make them reform their ways.

In effect a charade to avoid reintroduction of Glass-Steagal. Which needs to be introduced. Dodd-Frank was a sham anyway.
 
D

Deleted member 48908

I would too but I don't think it is a realistic possibility unless it was done globally. With the state of the international banking system, before it was repealed you could drive a coach and four through it.
Yeah, a global initiative would be nice.
 
D

Deleted member 48908

It would make more sense to enact replacement legislation or this the intention to return to pre Dodd-Frank?
There was some time of limbo between Glass-Steagall (repealed in '99) and Dodd-Frank in '08. That limbo allowed (encouraged) the bubble.
 

gerhard dengler

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Has it actually been repealed?

From your link, it appears that work is underway to break it up but I don't think it will be fully repealed.
Fair point : Trump has signed two executive orders concerning fiduciary duties and the conduct of financial advisors, per Dodd-Frank.

But Gary Cohn director of the White House National Economic Council stated “We’re going to attack all aspects of Dodd-Frank, we are going to engage the House, we’re going to engage the Senate. They are equally interested in reforming some of the regulatory processes as well. We can do quite a bit without them, but the more help we get from Congress the better off we’re all going to be"
 

benroe

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I wonder will he repeal the internet gambling ban, I miss taking money from yanks on pokerstars.
 
D

Deleted member 42179

Trump could end up creating another bubble which will crash the world economy (again) if he doesn't replace this with something better like a better glass stegall.

But with a bunch of Goldman Sachs vampire squidlets advising on financial policy, I fear the worst here.

Stupidest thing he has done so far. He should have taken his time
and patched the holes in Glass Stegall then swapped it in.

But then I reckon the plot is in to make Trump carry the can for the next crash.
And I'm not alone in thinking this.

http://www.zerohedge.com/news/2017-02-04/trump-about-cause-another-crisis-2008-could-be-eclipsed-bank-restrictions-eliminated

And while everyone is busy hating on Trump, the usual suspects will get away yet again
with their financial terrorism.
 

Volatire

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Bullshít, Dodd Frank has not been repealed.
 

JCR

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It would hardly be surprising if the elected corporate and political elites in the White House looked after the corporates elites on Wall Street again. However if they do this it seems to me it would be with an eye toward creating chaos very deliberately because it is obviously a very stupid thing to so and even Trump and Bannon aren't that stupid.
 

Vega1447

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Parts of it already have, by Trump.

And the intent according to Gary Cohn is to attack and repeal Dodd-Frank, by this administration.
The Pres can't change the law..
 

Finbar10

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It's rather obvious that Trump is illiberal and doesn't care about environmental matters. However, I doubt these will bother core supporters very much either. He'd want to tread very carefully on economic issues if he hopes to get re-elected. Since the successors of FDR's New Deal fell apart in the 1970s (when economic equality reached its height in both the US and Europe), inequality has been steadily rising since. Many people in the third world benefited from globalization. So did the top 1-2% in the West. Otherwise, the next 20% in the US/Europe got some crumbs, but the remainder have gone nowhere, or even backwards, in real terms. As Piketty and others have pointed out, in the US inequality is heading back towards plutocratic Gilded Age levels (similar trends hold in Europe though not as extreme).

IMO Bernie Sanders would have been a saner more coherent response to all this (an essentially neo-New Dealer candidate who was also reasonably liberal). I'm not sure Trump has a coherent though out strategy. There's a certain danger the Republicans are quite happy to exploit him as a "useful idiot" to get some of their agenda implemented (if that's what he is). Trump's "forgotten men and women" would expect something real in economic terms though. Glass-Steagall was one major reform brought in by FDR that lasted quite a long time. Doesn't bode well if he, down the tracks, hopes to dismantle even greatly watered-down versions of that.
 

Dame_Enda

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No. He has started the ball rolling. He doesnt have the power to unilaterally scrap it.

However ex Rep Barney Frank said he suspects Trump will simply appoint people who wont enforce it.
 


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