Passed in the aftermath of the 2007-2009 financial crisis, Dodd-Frank brought the most significant changes to US financial regulation since the regulatory reform that followed the Great Depression.
The law forced US banksters to reduce their reliance on debt for funding and laid out blueprints for winding them down in a crisis.
Republicans in Congress have been fighting to ease the regulations for small and medium-sized banks, while banksters have pushed for changes to make compliance easier.
Trump in an interview with Reuters wrote:The 2010 Dodd-Frank law is harming the US economy. Dodd-Frank has made it impossible for bankers to function. It makes it very hard for bankers to loan money for people to create jobs, for people with businesses to create jobs. And that has to stop.
What I will do is close to dismantling of Dodd-Frank.
Dodd-Frank is a very negative force, which has developed a very bad name.
It is good that the current Federal Reserve Chairwoman Janet Yellen keeps the interest rate down. However, I want a Republican to lead the US central bank.
I happen to be a low-interest rate person unless inflation rears its ugly head, which can happen at some point.