Regulators have known since the last presidential election that stringent rules for banking institutions are not one of the Trump administration’s priorities.
The Dodd-Frank Act has been protecting consumers from risky behavior by banks since the aftermath of the 2008 crisis. Now, the administration is effectively removing this stringent oversight, with the sole exception of Wall Street’s giants.
Financial institutions that benefit from the rollback include American Express, Capital One, SunTrust, U.S. Bank, and many others. Meanwhile, the likes of Bank of America, JPMorgan, and Citibank will continue to be scrutinized as they have been since the financial collapse.
While the government vows to only burden with complex rules the large global banks that could potentially destabilize the whole financial system, members of the opposition believe the Dodd-Frank rollback is increasing the risk for the American taxpayer....