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Trump promises bank law reforms - again


economy

Trump promises bank law reforms - again

President Donald Trump has held another strategy meeting with the bosses of big US companies and members of his cabinet, but little new emerged.

The gathering was to get business leaders’ thoughts on infrastructure and tax reform.

Afterwards Trump repeated much of his previous rhetoric but with no specifics: “We’re going to reduce taxes, we’re going to eliminate wasteful regulations which we’ve already done, probably 25 percent. You could take a look at Dodd-Frank, for the bankers in the room, they’d be very happy because we are really doing a major streamlining and perhaps elimination and replacing it with something else.”

Dodd-Frank is the name for the Wall Street reforms put in place in 2010 after the 2008 financial crisis to reign in the banks and financial institutions whose behaviour was blamed for that.

Trump has previously ordered reviews of those rules.

Many bankers want changes but do not favor eliminating the regulations entirely.

Trump’s comments helped Wall Street recoup some of its losses. Shares prices fell in early trading on Tuesday due to mounting geopolitical tensions.

Investors are nervous after the White House said on Monday President Trump was open to authorising additional strikes on Syria if its government uses chemical weapons again or deploys barrel bombs.

In addition North Korea’s state media warned of a nuclear attack on the United States if provoked as a US Navy strike group moved toward the western Pacific.

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