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Scaling Back Dodd-Frank Won’t Be Fast or Easy

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It has taken seven years to put in place the regulatory strictures imposed on Wall Street after the financial crisis. They won’t be removed fast or easily.

President Donald Trump’s Friday directive that set in motion a scaling back of the Dodd-Frank Act was more pageantry than policy, said lawyers and former government officials who worked on the 2010 law. While the expectation for quick action sent bank stocks higher Friday, numerous road-blocks remain before lenders get relief.

Chief among the hurdles is that Trump doesn’t have any of his appointees running the agencies that oversee financial rules. Congress, too, will have to pass new legislation for many Dodd-Frank regulations to be eased. And the president’s decision to put two former Goldman Sachs Group Inc. partners in charge of the effort — less than a decade after the bank’s traders helped bring the economy to the edge of collapse — galvanized opposition from Democrats.

Bloomberg

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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