President-elect Donald Trump is translating some of his campaign rhetoric into policy statements, including the contention that the Dodd-Frank Act should be scrapped, Bloomberg reported yesterday. The “big banks got bigger while community financial institutions have disappeared at a rate of one per day, and taxpayers remain on the hook for bailing out financial firms deemed ‘too big to fail,’” says a statement posted on Trump’s official transition website. “The Financial Services Policy Implementation team will be working to dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation.” U.S. bank stocks climbed for a second straight day on Thursday as investors bet that a Trump presidency will lead to less regulation and sideline industry critics in Congress. The call to scrap Dodd-Frank isn’t likely to go over well with Sen. Elizabeth Warren, who said that she’d be willing to work with the incoming administration. Warren cited issues they agree on, including the need to curtail Wall Street influence in politics, reinstate Glass-Steagall Act limits on banking activities and reform trade deals. Trump’s website also outlines several policies that will be familiar to those who followed his campaign, including calls for a moratorium on new rules so existing measures can be reviewed.
