Trump Administration Proposes Wide-Ranging Changes to Financial Sector Regulations
The Trump administration proposed a wide-ranging rethink of the rules governing the U.S. financial sector in a report that makes scores of recommendations that have been on the banking industry's wish list for years.
The report, described in a summary provided by the Treasury Department on Monday, gives the most detailed roadmap yet for President Donald Trump's promise to revisit a wave of regulations put in place after the last financial crisis, affecting activities from mortgage lending to Wall Street trading.
If Mr. Trump's regulatory appointees eventually implement them, the recommendations would neuter or pare back restrictions from the Obama administration, which argued the rules were necessary to guard against excessive risk taking and a repeat of the 2008 financial crisis.
Mr. Trump's team says those rules, many of which were part of the 2010 Dodd-Frank financial law, have become overly restrictive and unnecessarily preventing banks from activities that help the economy function and grow.
"We tried to have the right balance between eliminating undue, burdensome regulations while not putting taxpayers at risk," Treasury Secretary Steven Mnuchin said.
(More to come)
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(END) Dow Jones Newswires
June 12, 2017 18:17 ET (22:17 GMT)