Trump vows to dismantle Dodd-Frank Act

    In a statement posted to his official transition website, President-elect Donald Trump vows to dismantle the Dodd-Frank Act and replace the 2010 law with “new policies to encourage economic growth and job creation,” The Wall Street Journal reports.

    The statement marks the first time since Tuesday’s election that Trump has addressed financial regulatory policy.

    It signals that the incoming administration will seek to remake the way the U.S. oversees the financial sector. The act, put in place as a response to the economic crisis and recession, gives regulators the authority to take over and unwind huge financial firms as a way of avoiding future bailouts.

    Whether Trump can keep that promise, and how far those changes will reach, depends in large part on what happens in Congress, The Wall Street Journal writes.

    Privately, Republicans are tempering expectations. “I don’t think that you’re going to see major efforts to throw out Dodd-Frank wholesale,” a person who has advised the Trump campaign on regulatory policy tells the newspaper.

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