Addresses the Fate of ‘Disaster’ Regulation
The new administration is wasting no time addressing Dodd-Frank, with President Trump on Monday saying he will “do a big number” to the regulation he believes has been a “disaster” for small businesses.
“We’re going to do a big number on Dodd-Frank,” President Trump said in a meeting while signing an executive order requiring federal agencies to eliminate two regulations for every one introduced. “The American Dream is back.”
President Trump lambasted Dodd-Frank (formally the Dodd-Frank Wall Street Reform and Consumer Protection Act) while campaigning, but has offered little in terms of a plan to overhaul the regulation. Dodd-Frank was instituted by the Obama Administration in 2010 in response to the housing crisis and recession.
In a press briefing at the White House Monday afternoon, the president’s Press Secretary Sean Spicer elaborated on the dismantling of Dodd-Frank.
“I think today what you saw is the first step down the path of regulatory relief to our nation’s small and large businesses as well,” Spicer told reporters. “And I think understands, especially as a businessman himself and someone who’s been involved in financing, the impact that Dodd-Frank has had on lending, in particular, and the impact that it has on small and large businesses. So I think we’re going to continue to work with Congress on reform.”
The Trump Administration took action in the housing arena last week, as well, suspending the mortgage insurance premium reduction announced by the Federal Housing Administration (FHA) earlier this month.
“More analysis and research are deemed necessary to assess future adjustments while also considering potential market conditions in an ever-changing global economy that could impact our efforts,” according to a mortgagee letter from the U.S. Department of Housing and Urban Development (HUD).
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