Trump’s message to bankers: Wall Street reform rules may be eliminated: HumSub.TV
Trump’s message to bankers: Wall Street reform rules may be eliminated: HumSub.TV: President Donald Trump told a group of chief executives on Tuesday that his administration was revamping the Wall Street reform law known as Dodd-Frank and might eliminate the rules and replace them with “something else.”
At the beginning of his administration, Trump ordered reviews of the major banking rules put in place after the 2008 financial crisis, and last week he said officials were planning a “major haircut” for them.
“For the bankers in the room, they’ll be very happy because we’re really doing a major streamlining and, perhaps, elimination, and replacing it with something else,” Trump said on Tuesday. “That will be the minimum. But we’re doing a major elimination of the horrendous Dodd-Frank regulations, keeping some obviously, but getting rid of many,” he added.
The White House is not unilaterally able to alter Dodd-Frank’s rules, almost all of which are implemented by independent regulatory agencies like the Securities and Exchange Commission and the Federal Reserve.
A sweeping change to the law would require congressional action, though in some cases regulators may also have wiggle room to make changes through a formal rule-making process.
In February, Trump issued an executive order requiring Treasury Secretary Steve Mnuchin to consult with US regulators and submit a report outlining a proposal for possible regulatory and legislative changes that would help fuel economic growth and promote American business interests.
That report, due to be released in June, will likely serve as a blueprint for possible changes down the road.
Congressional action on a Wall Street bill is not expected in the near term, as Congress focuses primarily on healthcare and tax reform.
On Tuesday, House of Representatives Financial Services Committee Chairman Jeb Hensarling announced that he was planning to introduce a new draft by month’s end of sweeping legislation known as the “Financial CHOICE Act” that would give Dodd-Frank a major overhaul.
The new draft of the bill would largely defang the Consumer Financial Protection Bureau’s supervisory powers and make the director removable at will.
The bill is likely to face an uphill battle in the Senate, where Democrats are expected to be resistant and a 60-vote threshold is needed to pass legislation.
Participants in Tuesday’s meeting included Rich Lesser, chief executive of Boston Consulting Group; Doug McMillon, chief executive of Wal-Mart Stores Inc; Indra Nooyi, chief executive of PepsiCo; Jim McNerney, former chief executive of Boeing Co; Ginni Rometty, chief executive of IBM; and Jack Welch, former chairman of General Electric Co.
The business leaders are part of Trump’s “Strategy and Policy Forum” that last met with him in February.
Trump also reiterated his criticism of the North Atlantic Free Trade Agreement between the United States, Canada and Mexico.
“NAFTA is a disaster. It’s been a disaster from the day it was devised. And we’re going to have some very pleasant surprises for you on NAFTA, that I can tell you,” he said.
Trump’s message to bankers: Wall Street reform rules may be eliminated: HumSub.TV. Trump’s message to bankers: Wall Street reform rules may be eliminated: HumSub.TV. Trump’s message to bankers: Wall Street reform rules may be eliminated: HumSub.TV. Trump’s message to bankers: Wall Street reform rules may be eliminated: HumSub.TV
About HumSub TV
Introduction
HumSub TV is Pakistan’s leading forwarding-thinking, edutainment channel, aimed at promoting and upholding peace, interfaith harmony and social responsibility within Pakistan through informative and insightful programmes and documentaries; analytical interviews on issues pertaining to social, economic, legal and environmental set-up; dedicated shows to canvass and thereby promote the culture and heritage of Pakistan and in-depth coverage of national and international news.
HumSub TV is the first channel and thus a pioneer within its own right that mainly focuses on emphasising the “Rights” as well as the “Obligations” of the citizens in light of the Constitution of Pakistan, numerous International declarations signed by the Government and various laws that have been promulgated over the years but are not in the knowledge of the common citizen.
HumSub TV also aims to enter into bilateral agreements with other countries to promote not only their culture, heritage and tourism, but also their educational and medical facilities.
Following the successful launch of HumSub TV’s head office in Blue Area, Islamabad; the bureau office has been set up in Lahore.
Vision
To project positive image building of Pakistan and inculcate nationalism, as per the vision of the founder of the nation, Quaid-e-Azam Mohammad Ali Jinnah.
Mission
HumSub TV is resolute about the promotion of a pluralistic, inclusive and egalitarian society in Pakistan where all citizens are allowed to contribute to promote interfaith harmony, peace and collective wisdom in the social, political and economic development of Pakistan and to encourage critical and lateral thinking in the society. HumSub TV strives to make a positive contribution to this end.
HumSub TV’s Theme
HumSub TV, Pakistan’s first EDUTAINMENT Channel, has been set up for not only those audience residing in Pakistan or overseas but the international community on the whole. The vision of the channel is to project positive image building of Pakistan and inculcate nationalism as per the vision of the founder of the nation.
HumSub TV strives to make a positive contribution to this end by promoting pluralism, inclusiveness and egality in Pakistan and give voice to the suppressed. It endeavors to act as a positive catalyst for social change and Pakistani nationalism. It envisions providing a platform for airing critical and lateral thinking and collective wisdom by inviting positive minded intellectuals and opinion forming individuals for the promotion of interfaith harmony and peace in the social, political and economic development of Pakistan.
Whereas the channel airs upbeat edutainment programmes, it, nonetheless, has the primary objective of countering negative anti-Pakistan regional and international propaganda as well as advancing fundamental rights as encapsulated in the Constitution of Pakistan.
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