This story appeared in Bank Digest.
The Treasury Department has released a report, and accompanying factsheet, detailing how to streamline and reform the U.S. regulatory system for the capital markets. Treasury Secretary Steven T. Mnuchin said, "In this report, we examined the capital markets system to identify regulations that are standing in the way of economic growth and capital formation." He went on to say, "By streamlining the regulatory system, we can make the U.S. capital markets a true source of economic growth which will harness American ingenuity and allow small businesses to grow."
This is the second report issued in response to Executive Order 13772, which President Donald Trump issued on Feb. 3, 2017, that calls on Treasury to identify laws and regulations that are inconsistent with a set of core principles of financial regulation.
A press release issued by Senate Banking Committee Ranking Member Sherrod Brown (D-Ohio) said the report included "recommendations to roll back capital markets, which would hurt investor protections." Brown said, "Instead of turning industry wish lists into reports, Treasury should focus on protecting working people from banks like Wells Fargo that abuse customers." Similarly, House Financial Services Committee Ranking Member Maxine Waters (D-Calif) said the report "is nothing less than a blueprint for dismantling strong reforms that Democrats put in place in the Dodd-Frank Wall