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Business News/ News / World/  Donald Trump pledges action on Dodd-Frank banking overhaul law
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Donald Trump pledges action on Dodd-Frank banking overhaul law

US President Donald Trump believes the Dodd-Frank banking regulation has made it extremely difficult for small businesses to get loans

US President Donald Trump stepped up his criticism of financial regulations on Monday. Photo: APPremium
US President Donald Trump stepped up his criticism of financial regulations on Monday. Photo: AP

Washington: US President Donald Trump stepped up his criticism of financial regulations on Monday, saying his administration is determined to go after the 2010 Dodd-Frank banking overhaul law because he believes it has made it extremely difficult for businesses to get loans.

“We’re going to be doing a big number on Dodd-Frank," Trump said at an event with small business leaders at the White House. He called the legislation “a disaster."

Trump made his comments on Dodd-Frank as he signed an executive order requiring that government agencies revoke two existing regulations for each new one they issue, fulfilling a promise he made shortly after his election victory.

While Trump campaigned on cutting a federal bureaucracy that he blames for making it harder for businesses to grow and get funding, his Monday remarks are his most pointed on financial rules since he took office 20 January. His advisers vowed to dismantle Dodd-Frank during the transition period, but have provided scant details on how they plan to go about it. Bloomberg

Jennifer Epstein contributed to this story.

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Published: 30 Jan 2017, 11:03 PM IST
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