Trump signs law loosening regulation of banks
President Donald Trump signed a law repealing a series of financial regulations imposed on Barack Obama’s administration to prevent further financial crises such as the one in 2008.
The measure, which overrides much of the Dodd-Frank Act, was passed on Tuesday, May 22nd, with a majority of Republican votes, and some Democrats as well, giving Trump a new legislative victory.
The law was passed in 2010 with the support of Obama and Democratic congressmen in response to the huge crisis that has left thousands of people jobless and homeless.
“This is a really great day for the United States,” Trump said.
Under measures, the new law eases regulation of regional banks and increases the limit of assets for supervised loans more narrowly by the Federal Reserve from $ 50 billion to $250 billion.
In practice, this frees financial institutions such as American Express from high compliance costs associated with the “too big to fail” concept.