Washington – cast off for Wall Street: U.S. President Donald Trump, on Friday, the Soft to ease key rules for the financial industry in the United States.
on Friday at the White house in Washington, signed Assembly calls on the competent authorities, the relevant regulations adopted by the government of his predecessor, Barack Obama on your need to take under the magnifying glass.
Trump, whose government, several Ex-managers of hedge funds and investment banks will be working, had already announced to the financial industry by the leash. He is particularly concerned that small businesses would again be easier to loans, he said.
Wall Street had not aggravated by the misconduct of banks and speculators, most recently with the Bankruptcy of the Bank Lehman Brothers, the financial crisis in the years 2008 and 2009. The questionable transactions had to do with the awarding of small loans to businesses.
The so-called “Dodd-Frank Act” for the regulation of the financial sector had been adopted by the Obama administration in 2010. He was considered one of the milestones of the reign of President Barack Obama. He also represents the implementation of the decisions of the G20 States committed themselves to the United States.
Within the legislative package it was forbidden, among other things, with the “Volcker Rule” for banks to speculate for their own account. From the beginning, but there was resistance from the Republican party and from the financial industry. To say goodbye “this law was not easy,” Obama said at the signing. “To create it up here, we had to overcome the Lobby of a large number of powerful interest groups.”
“We assume that we can a lot of stress of Dodd-Frank,” said Trump. “I know so many people, friends of mine, which had nice shops and you can easily borrow any more money,” he continued. “You get no money, because the banks have none to lend, because of the regulations in the Dodd-Frank Act.”
a Short time before had tilted the Republicans with their majority in the house of representatives, the first Dodd-Frank Directive. This shows that the President has the majority of the parliamentarians of his party. Experts fear the deregulation of the financial markets in the United States a massive impact on Europe.
“An easing of financial market regulation in the USA, this global approach in question and sets the rest of the G20 countries under pressure, its regulation also adapt,” said Andres Prescher of the law firm KPMG. “Without a major player like the United States, it is likely to be due to the high mobility of financial services is difficult, the current levels of Regulation to maintain.”
the leader of The opposition in the U.S. Senate, Chuck Schumer, criticized the action Trumps sharp. “President Trump had promised to stand against the big banks, and now he makes the rules,” – said in a Statement Schumers. Trump’s promise not to take Wall Street to the reins, was not worth the paper on which they were written. He announced massive resistance from the Democrats in the Senate.