Orders signed Friday are 'nothing more than special favors for the same Wall Street banks that crashed our economy in 2008 and put millions of Americans out of work'
In yet another Wall Street giveaway, President Donald Trump on Friday afternoon took executive action to chip away at Dodd-Frank financial regulations and roll back rules aimed at reducing corporate tax avoidance.
"The biggest bailout in the financial crash went to insurance firm AIG, which fell through one such crack. An executive order that questions this oversight can signal to firms intent on high-risk financial ventures that playtime is back." —Bartlett Naylor, Public Citizen
Lisa Gilbert, vice president of legislative affairs for watchdog group Public Citizen, described the orders signed Friday at the Treasury Department as "nothing more than special favors for the same Wall Street banks that crashed our economy in 2008 and put millions of Americans out of work."
According toABC News, Trump signed "two presidential memoranda on the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, which former President [Barack] Obama signed in response to the 2007-2008 financial crisis." They order two six-month reviews of what the Los Angeles Timescalled "pillars" of Dodd-Frank: the Orderly Liquidation Authority and the Financial Stability Oversight Council.
The first was established "to create a process for winding down a large, failing financial company in a way that protects taxpayers from large bailouts such as the ones paid out in the aftermath of the 2008 financial crisis," as the Washington Postexplains. The second "called on federal regulators to identify which financial institutions were large enough to merit enhanced regulation, as their collapse could destabilize the economy as a whole," according to the Post. Read full story here