WASHINGTON—Stating that the Dodd-Frank Act has slowed economic recovery post-recession, President-elect Donald Trump’s transition team said its Financial Services Policy Implementation team will work to dismantle the legislation and replace it with new policies.
On www.greatagain.gov, Trump’s transition team called the Dodd-Frank Act a “sprawling and complex piece of legislation that has unleashed hundreds of new rules and several new bureaucratic agencies.”
The team said that proponents of Dodd-Frank “promised that it would lift our economy. Yet now, six years later, the American people remain stuck in the slowest, weakest, most tepid recovery since the Great Depression . . . 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.’
“The Dodd-Frank economy does not work for working people,” the team continued. “Bureaucratic red tape and Washington mandates are not the answer. 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.”