BREAKING NEWS

Trump preparing plan to dismantle Obama's Wall Street reform law

By REUTERS

MAY 18, 2016 03:26

Republican presidential candidate Donald Trump said on Tuesday that sweeping financial reforms put in place under President Barack Obama were harming the economy and he would dismantle nearly all of them.

Trump told Reuters in an interview that he would release a plan in about two weeks for overhauling the 2010 financial regulatory law known as Dodd-Frank.

"Dodd-Frank has made it impossible for bankers to function," the presumptive Republican nominee said. "It makes it very hard for bankers to loan money for people to create jobs, for people with businesses to create jobs. And that has to stop."

Pressed on the extent of the changes he wanted to make, Trump said, "it will be close to dismantling of Dodd-Frank."

Reacting on Twitter to Trump's comment, Democratic presidential front-runner Hillary Clinton called it a "reckless idea" that would "leave middle-class families out to dry."

Dodd-Frank, passed in the aftermath of the 2007-2009 financial crisis, forced U.S. banks to reduce their reliance on debt for funding and to craft "living wills," or blueprints for winding them down in a crisis.

The law created a new agency, the Consumer Financial Protection Bureau, to oversee consumer financial products such as mortgages and gave regulators new powers over large non-bank financial companies.

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