The Trump administration called for the neutering of many of the central provisions of the Dodd-Frank Act as it offered its most detailed plans to date for the unraveling of the financial regulations put in place after the 2008 financial crisis, the New York Times reported today. In a report released yesterday, the Treasury Department said that the Consumer Financial Protection Bureau should be substantially stripped of its powers, accusing the agency of regulatory overreach and saying the president should be able to remove its director. It also recommended greater exemptions from the so-called Volcker Rule, which bans banks from trading for their own gain, and it called for rules to be revised to give small community banks relief from regulatory scrutiny such as stress tests.
