Trump to Dismantle Dodd-Frank framework?

Discussion in 'Politics, Religion, Social Issues' started by samcraig, Feb 3, 2017.

  1. samcraig macrumors P6

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    #1
    This should concern many. Depending on what "stays" and what doesn't.

    For example - one of the things that directly affects consumers is the rule that requires brokers selling retirement investments to put the client’s interests ahead of their own. That's for qualified retirement plans and also IRAs.

    There are also provisions within Dodd-Frank that deal with consumer protection re: bank fees, credit card fraud, and a slew of other things.

    Do I think Dodd-Frank is perfect. No. But like simply repealing the ACA without detailing out what Trump and his Administration has to replace should raise some red flags.

    No surprise that Trump and his Wall Street Team are in favor of deregulation. I am sure it will line their pockets very well.
     
  2. PracticalMac macrumors 68030

    PracticalMac

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    #2
    Would not surprise me if all banking regulation is eliminated, instead relying on "market forces" and "consumers to regulate".
     
  3. NT1440 macrumors G4

    NT1440

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    #4
    Yup, Dodd Frank was intentionally drilled full of holes. Hell even the living will provision was supposed to ensure that if a bank hasn't been able to get into compliance they'd have to be split apart. Not one major institution has passed yet. Don't get me started on what a snake Dodd turned out to be, now being on the board of one of the banks practicing in some of the very same actions that lead to the meltdown in the first place, while using his namesake legislation as a false reassurance that the issue had been addressed.

    I think Glass-Steagal (sp?) needs to be reinstated in an extremely short and concise bill. You want to gamble with your bank? You do it with your own ****ing money, not the savings of your customers. Simple.
     
  4. Dmunjal macrumors 65816

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    #5
    This all you need to know.
     

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  5. NT1440 macrumors G4

    NT1440

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    #6
    That's a rather simplistic way of viewing things. Though I do tend to think that when bills are written by lobbyists, and are needlessly complicated they've been constructed in ways to ensure there is a way around the publicly stated intent of the law in the first place.
     
  6. zin macrumors 6502

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    #7
    On the campaign trail, Donald Trump focused on two areas of banking regulation. One, getting credit to people who need it, theorising that Dodd-Frank prevents credit from flowing to those people and is basically there to protect big banks. Two, he stated that he supports a modern-day equivalent of Glass-Steagall.

    We'll see if he guts Dodd-Frank in the good way or the bad way.
     
  7. Dmunjal macrumors 65816

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    #8
    Bingo!
     
  8. citizenzen macrumors 65816

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    #9
    Donald trump just signed an executive order to ease regulations on banks and to remove a financial institution's requirement to act in the investor's best interest instead of their own profit.
    It would seem to me that neither of these orders is intended to benefit the average American, and who could possibly argue against a financial institution being required to consider the needs of the client first, over their own desire to siphon money out their clients' accounts.

    I see dark financial days ahead.

    So once again, let us dive into the partisan abyss and debate the positives and negatives of this latest executive order.
     
  9. Eraserhead macrumors G4

    Eraserhead

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  10. mrkramer macrumors 603

    mrkramer

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    #11
    He's got to drain it to make room for the worse swamp creatures he is bringing in.
     
  11. Eraserhead macrumors G4

    Eraserhead

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    #12
    Aren't the people who need credit usually sub-prime?
     
  12. citizenzen macrumors 65816

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    #13
  13. citizenzen macrumors 65816

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    #14
    According to the Atlantic article, the problems with the bill is that it doesn't go far enough, or excludes certain industries from regulation. So when you say "good riddance," are you saying you want less regulation altogether, or are you agreeing with your own source and actually asking for stronger regulation than is found in Dodd Frank?
     
  14. Dmunjal macrumors 65816

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    #15
    I'm saying that the law was written by lobbyists. I'm OK with going further like a stronger Glass-Steagall law. But that would require only a few pages and should not be influenced by Wall Street lobbyists.

    Eight years after the financial crisis, investment banks can still commingle funds with commercial banks (Chase as an example). They should be split up. Clinton should have never allowed them to merge.
     

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