Sunday, February 5, 2017

New Financial Executive Order

The new financial regulation executive order will roll back key regulations designed to protect the economy & the American people from another recession. To give you an idea about how this will make the rich richer & the rest of us financially vulnerable Trump stated, “We expect to be cutting a lot out of Dodd-Frank, because frankly, I have so many people, friends of mine that had nice businesses, they can’t borrow money. They just can’t get any money because the banks just won’t let them borrow it because of the rules & regulations in Dodd-Frank.” Rea Carey, Executive Director, National LGBTQ Task Force concluded, “This Executive Order is a recipe for another recession. It puts Wall Street & Big Business interests ahead of the interests of everyday people. It rolls back reforms put in place after the 2008 financial crisis, which was caused by predatory mortgage lending to low-income people, especially people of color. It targets the Consumer Financial Protection Bureau, an agency put in place to protect the interests of the people against corporate malfeasance. It also calls for repeal of the ‘fiduciary rule’ which requires investment advisors to put their client’s interest ahead of their own when investing retirement account money. Clearly this Executive Order will help some people: Trump’s own business & people like the Wall Street insiders he has stacked his Cabinet with. Not middle-class & lower income American families.”
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