This story appeared in Bank Digest.
Making good on his promise to "do a big number" on the Dodd-Frank Act, President Donald J. Trump signed an executive order on Feb. 3, 2017, that directs the Secretary of the Treasury to report back in 120 days on what rules promote or inhibit the administration's priorities. The Executive Order does not explicitly mention the Dodd-Frank Act. In remarks before a Strategy and Policy Forum, the president said, "we expect to be cutting a lot out of Dodd-Frank, because, frankly, I have so many people, friends of mine that have nice businesses that can't borrow money, they just can't get any money because the banks just won't let them borrow because of the rules and regulations in Dodd-Frank."
Senate Banking Committee Chairman Mike Crapo (R-Idaho) issued a statement saying he fully supported the core principles in the executive order. He added, "Since the financial crisis, economic recovery has been thwarted by a seemingly endless introduction of new regulations, without any careful consideration of the cumulative impact of these rules on small businesses, investors and consumers." On the other hand, Sen. Elizabeth Warren (D-Mass) said, "Donald Trump talked a big game about Wall Street during his campaign--but as President, we're finding out whose side he's really on." She noted that the Executive Order puts "two former Goldman Sachs executives in charge of gutting the rules that protect you from financial fraud and another economic meltdown."
House Financial Service Committee Chairman Jeb Hensarling (R-Texas) said he was "very pleased that President Trump signed this executive action, which closely mirrors provisions that are found in the Financial CHOICE Act to end Wall Street bailouts, end 'too big to fail,' and end top-down regulations that make it harder for our economy to grow and for hardworking Americans to achieve financial independence." However, House Financial Services Committee Ranking Member Maxine Waters (D-Calif), commenting on this order and another executive order to delay the Department of Labor's conflict of interest rule, said these actions were "an attempt to roll back the most significant regulations on Wall Street since the Great Depression."