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Undated:
The Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L.
111–203,
H.R. 4173, commonly referred to as Dodd–Frank) was signed into United
States
federal law by
US President
Barack
Obama on July 21, 2010.[1]
Passed in response to the
2008 global financial crisis, the Act brought the most significant changes
to
financial regulation in the nation since the regulatory reform that came
following the
Great Recession.[2][3][4][5]
It made changes in the American financial regulatory environment affecting all
federal financial regulatory agencies and almost every part of the nation's
financial services industry.[6][7]
https://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act
Undated:
The Politics of Crisis
In a rare joint interview, former Sen. Chris Dodd and former Rep. Barney Frank,
the lawmakers behind one of the country’s largest financial reform bills, talk
about their biggest regrets during the financial crisis, why there won’t be any
more bailouts and why they’re not worried about major rollbacks to Dodd-Frank.
https://features.marketplace.org/politicsofcrisis/
-- 2016 --
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November 15:
Trump's Call to 'Dismantle'
Dodd-Frank: The Effect on Banks
Experts Predict Less Regulatory Scrutiny of Financial Institutions
Dodd-Frank, drafted in response to the 2008 financial crisis, called for,
among other things, establishing the
Consumer Financial
Protection Bureau, a government agency responsible for protecting consumers
from unfair, deceptive and fraudulent business practices.
Although Trump stated during the campaign that he would work to repeal
Dodd-Frank, his specific views on dismantling CFPB are not known,
USA Today reports. And CFPB's structure makes it even harder to
dismantle than Obamacare, so complete elimination is unlikely, one consumer
advocate told the publication.
Some fraud-prevention experts and former regulators, however, surmise that
dismantling Dodd-Frank would greatly reduce the powers of the CFPB - the agency
that in September led the charge to fine the country's third-largest bank, Wells
Fargo, $185 million for
identity theft and violating the privacy of bank customers (see
Regulators Slam Wells Fargo for Identity Theft).
https://www.bankinfosecurity.com/trumps-call-to-dismantle-dodd-frank-effect-on-banks-a-9533
-- 2017 --
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February 3: With A Stroke Of The Pen, Donald
Trump Aims To Wave Goodbye To The Dodd Frank Act
[Dodd-Frank was] ... the sweeping banking legislation put in place by the
administration of President Barack Obama in response to the 2008 financial
crisis.
The Act, signed into law in 2010, re-shaped Wall Street and the American banking
industry. For America's largest lenders, it forced firms to undergo a host of
new regulatory exams and pare back their lucrative but illiquid private equity
and hedge fund investments. Some mid-sized banks felt the weight of Dodd Frank,
as firms with over $10 billion in assets and $50 billion in assets were
subjected to increased surveillance.
https://www.forbes.com/sites/antoinegara/2017/02/03/with-a-stroke-of-the-pen-donald-trump-will-wave-goodbye-to-the-dodd-frank-act/#c7cc97e11481
-- 2018 --
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January 16: Trump calls for looser rules for
bank loans in Dodd-Frank overhaul
https://thehill.com/policy/finance/369224-trump-calls-for-looser-rules-for-bank-loans-mortgages-in-dodd-frank-overhaul
January 26:
Dodd-Frank Act - HISTORY
https://www.history.com/topics/21st-century/dodd-frank-act
March 19:
With Rollback, Dodd-Frank Is Now
Officially A Dud
Among the likely changes to Dodd-Frank: raising the threshold for tougher
oversight from the current $50 billion in assets to $250 billion; exempting
small banks from the so-called Volcker rule, which currently bars them from
speculative trading; reducing the amount of financial reporting, particularly
racial and income data on mortgage holders; lowering the frequency of regulatory
exams; and easing the conditions of stress tests.
https://www.forbes.com/sites/greatspeculations/2018/03/19/with-rollback-dodd-frank-is-now-officially-a-dud/#76997bd44749
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May 21:
Trump wounds but can't kill Obama's Wall Street rules
...
despite Trump’s promises to “do a big number” on Dodd-Frank, the bipartisan bill
that is likely to be approved by the House as early as Tuesday leaves many of
the Republicans’ most-hated provisions of the law in place, including the
foundations of the Consumer Financial Protection Bureau and the government’s
power to unwind failing megabanks.
https://www.politico.com/story/2018/05/21/trump-obama-wall-street-rules-555048
May 24: Trump signs the biggest rollback of
bank rules since the financial crisis
https://www.cnbc.com/2018/05/24/trump-signs-bank-bill-rolling-back-some-dodd-frank-regulations.html
May 24: Scaling back Dodd-Frank is just the
beginning of Trump's run on deregulation
"Instead of draining the swamp, the Trump administration is telling the
alligators … that the zookeepers are taking a nap."
https://www.nbcnews.com/business/economy/scaling-back-dodd-frank-just-beginning-trump-s-run-deregulation-n877031
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May 25: Mick Mulvaney Is Having a Blast
Running the Agency He Detests
Trump’s pick to lead the Consumer Financial Protection Bureau says he wants to
give it the credibility of the SEC.
One of the first things Mick Mulvaney did last year after President Trump asked
him to be acting director of the
Consumer Financial Protection Bureau was to read the statute dictating the
agency’s powers. Created by the landmark
Dodd-Frank Act of 2010, the CFPB was designed to
protect consumers from the abuses of the financial industry and is one of
the Democratic Party’s proudest recent achievements.
Mulvaney was no fan of the agency, having repeatedly attacked its very premise
during his three terms as a Tea Party Republican in Congress. But he’d
apparently never taken the time to study the statute governing it: Title X of
Dodd-Frank. When he finally did, he was astonished by what was missing, namely a
federal agency known as the CFPB.
https://www.bloomberg.com/news/features/2018-05-25/mick-mulvaney-on-the-cfpb-we-re-still-elizabeth-warren-s-child
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May 25: No, Dodd-Frank was neither repealed
nor gutted. Here's what really happened.
https://www.brookings.edu/research/no-dodd-frank-was-neither-repealed-nor-gutted-heres-what-really-happened/
May 31:
Trump, the Volcker Rule, and Dodd-Frank rollback
While it’s no surprise that Republicans are acting to undo a law they
almost uniformly opposed when it passed in 2010, back then, Republicans claimed
to have alternate solutions to the problems with the pre-crisis regulatory
framework.
Today they’ve completely given up on those alternate solutions. They’re tearing
down the safeguards and putting nothing in their place while assuming, rightly,
that nobody is paying attention. One day there will be a price.
https://www.vox.com/policy-and-politics/2018/5/31/17411924/trump-volcker-rule-republicans-big-banks
-- 2019 --
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May 24:
Trump signs the biggest rollback of bank rules since the financial crisis
The measure designed to ease rules on all but the largest banks
passed both chambers of Congress with bipartisan support. Backers say the
legislation will lift burdens unnecessarily put on small and medium-sized
lenders by the Dodd-Frank financial reform act and boost economic growth.
Opponents, however, have argued the changes could open taxpayers to more
liability if the financial system collapses or increase the chances of
discrimination in mortgage lending.
https://www.cnbc.com/2018/05/24/trump-signs-bank-bill-rolling-back-some-dodd-frank-regulations.html
-- 2020 --
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