NEW YORK — Donald Trump ‘s Wall Street buddies are probably cheering and drinking a cold one right about now. According to reports, Donald Trump, is “seriously considering” repealing the Dodd-Frank financial regulations that curbed banking activities and wrongdoings after the financial crisis of 2008 — that crisis — that uh, perhaps, almost brought America to its knees.
According to what we’ve learned, Trump, feels that the regulations hurt banking institutions and the like rather than help them. But, in reality, that was the entire goal of the Dodd-Frank regulations. Following the 2008 crisis, the regulations were set in place to prevent banks from making huge mistakes or misinforming consumers on a federal level.
Interestingly, a repeal would give Congress more control over financial budgets across the spectrum. Also interestingly, Trump, would be given the authority to fire/hire people from the Federal Housing Finance Agency which oversees the often soul-sucking likes of Fannie Mae and Freddie Mac.