Frank: Trump faces difficulties in easing financial rules
BOSTON (AP) — Former Congressman Barney Frank says any scale-back of his namesake financial regulations would have a difficult time passing Congress, because many Republicans’ constituents favor policing Wall Street.
The Massachusetts Democrat’s comments came Friday after President Donald Trump signed an executive order directing the Treasury secretary to review the 2010 Dodd-Frank financial oversight law, which reshaped regulations after the 2008-09 financial crisis.
Trump pledged during his campaign to repeal and replace Dodd-Frank. He called it a “disaster” earlier this week.
Frank told The Associated Press that he found it difficult to understand how Trump now wants to give Wall Street what it wants, when he pledged to stand up to Wall Street during the campaign.
He also said he worried that Trump’s appointees won’t use their authority to enforce financial rules.