Trump is expected to sign an executive order today that will begin the process of repealing the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
Why? Well, because his friends want more money.
— CNBC Now (@CNBCnow) February 3, 2017
"Americans are going to have better choices and Americans are going to have better products because we're not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year," White House National Economic Council Director and former Goldman Sachs Chief Operating Officer, Gary Cohn, told the Wall Street Journal.
If you remember the Bush economy and the 2008 financial crisis, you probably don't need me to spell it out for you. To say that Americans are going to have better "choices" and "products" means Americans will once again have an opportunity to make financially-dubious investments in real estate and securities that were no longer legal under Dodd-Frank.
I feel like I'd be remiss not to add that the far left and Trump more or less see eye-to-eye on Dodd-Frank and Wall Street reform.
The far left may not want to see Wall Street deregulated, but they don't believe it was ever regulated to begin with. They enabled Trump's rise and his current actions by casting Dodd-Frank as worthless legislation and by accusing Hillary Clinton of being a Wall Street sellout. According to the far left, Trump's actions will not change anything and Clinton would have done something as bad if not worse.
Trump is also set to roll back a fiduciary rule that prohibits investors from misleading their clients which, again, wouldn't be happening today if we had elected the right person.
Trump has appointed half a dozen Goldman Sachs alumni to his cabinet, including chief strategist Steve Bannon.