Oh, that’s what it means to “drain the swamp”!
First, from Slate:
“In a press release from Oct. 17, Trump pledged to ‘drain
the swamp in Washington, D.C.’ He then tweeted: ‘I will Make Our Government
Honest Again — believe me. But first, I’m going to have to #DrainTheSwamp.’
[….]
At its bottom, drain
the swamp is a metaphor: If you drain the swamp, you eliminate the
mosquitoes (or snakes and alligators, in other iterations) that breed disease.
But, ironically, the original disease the expression referred to was the very
thing Trump has built his campaign on: big business.”
And now, from Reuters (February 3, 2017):
By Ayesha Rascoe and Sarah N. Lynch
“U.S. President Donald Trump on Friday will fire the opening
salvo in his campaign to scale back major regulations that resulted from the
financial crisis, directing a review of the Dodd-Frank Act and putting the
brakes on a retirement advice rule.
The executive order Trump will sign on the 2010 Dodd-Frank
law on Wall Street reform will be a first step towards rolling back the
regulations that Trump sees as hurting the economy, but without rewriting the
legislation, which can be done only through Congress. One prominent measure is
the ‘Volcker rule’ that greatly restricts how banks can make bets with their
own money. Expectations of simpler bank regulations helped push up stocks on
Wall Street in early trading.
‘The first thing that we are going to attack is regulation,
over-regulation. It’s not just in the financial markets, it’s in all markets,’
said White House National Economic Council Director Gary Cohn on Fox Business
Network. ‘So today you're going to start seeing the beginning of some of our
executive actions to roll back regulation in the financial services market.’
The landmark 2010 Dodd-Frank law was the biggest Wall Street
regulatory overhaul in decades. It set out a long list of rules intended to
keep the financial system from experiencing a repeat of the 2007-09 crisis,
including strict new capital standards on banks and tighter oversight of
derivatives. The act also created a new consumer protection watchdog to guard
against predatory lending and called for identifying banks and other
institutions considered ‘too big to fail’ that are subjected to annual stress
testing. [emphasis added]
[….] On Friday, the Republican-led Congress killed a
Dodd-Frank regulation regarding payments that big energy companies make to
foreign governments. Also, the House Financial Services Committee is working on
a complete Dodd-Frank revamp.
Trump’s moves come also amid mounting pressure from
Congressional Republicans who want Trump to fire Richard Cordray, the director
of the U.S. Consumer Financial Protection Bureau. A federal court this autumn
ruled the president should be able to fire the director at will, but the
decision was stayed pending appeal.
Republican Congressman Sean Duffy said earlier this week
that House Financial Services Committee Chairman Jeb Hensarling is expected to
advance his CHOICE Act legislation to weaken Dodd-Frank later this month.” [….]
The rest of the piece is here.
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