UPDATED 1:20 PM PT — Thurs. May 24, 2018
President Trump signed legislation loosening key provisions in the Dodd-Frank Act, saying the “one size fits all” rules don’t work.
Speaking at the White House Thursday, the president said Dodd-Frank regulations are crushing community banks and credit unions nationwide.
The president added the act gave large banks an unfair advantage, and put 20-percent of small banks out of business.
“By liberating small banks from excessive bureaucracy, and that’s what it was, bureaucracy, we are unleashing the economic potential of our people,” stated President Trump.
The legislation eases regulations on all but a handful of the nation’s largest banks for the first time since the 2008 financial crisis.
Source: One America News Feed