Trump Moves to Gut Financial Regulations Just Like the Opposite of What He Promised

Image via Getty.
Image via Getty.

Donald Trump, the contents of a barbershop’s dust pan held together with the fat of Avian flu-infected chickens, has betrayed his campaign promise to drain the swamp, inviting Goldman Sachs after Goldman Sachs crony to join his polluted herd. On Friday, he announced his intention of making it far easier for bankers to con the American public—just like he has.

Advertisement

The New York Times reports that at a press conference following a White House meeting with business executives (seated next to Mary Barra, a heavy contributor to Lyft), the president signed a directive that will lead to an overhaul of the Dodd-Frank Act. The Act was crafted by President Obama in response to the 2008 economic crisis created by unregulated banks. Trump then signed a second directive to repeal a Labor Department rule that requires “brokers to act in a client’s best interest, rather than seek the highest profits for themselves, when providing retirement advice.” No more of that!

Signaling their support of Trump’s path, congressional Republicans repealed an unrelated Dodd-Frank rule hours before the president signed his directives. Group mind or group conspiracy? Executive director of Americans for Financial Reform, which is an advocacy group that supports Dodd-Frank, Lisa Donner told the NYT, “The administration apparently plans to turn over financial regulation to Wall Street titan Goldman Sachs, and make it easier for them and other big banks like Wells Fargo to steal from their customers and destabilize the economy.”

Advertisement

She added, “That betrays the promises Trump made to stand up to Wall Street, and it will have dire consequences if he’s successful.”

In a statement on the decision, Trump cited the needs of the poor little rich kids who have so much trouble getting money for their “businesses,” saying, “We expect to be cutting a lot out of Dodd-Frank because frankly, I have so many people, friends of mine that had nice businesses, they can’t borrow money. They just can’t get any money because the banks just won’t let them borrow it because of the rules and regulations in Dodd-Frank.”

Contributing Writer, writing my first book for the Dial Press called The Lonely Hunter, follow me on Twitter @alutkin

Share This Story

Get our newsletter

DISCUSSION

drugstoreglasses
DrugstoreGlasses

His supporters still think trickle down economics is brilliant. They’ll cheer on this change. Because of the billionaires just get richer, maybe one day I’ll make some money too! And let’s not forget they’re JOB CREATORS. even though most of them don’t believe in minimum wage period. Maybe jobs will come back but better get used to a dollar a day salary you stupid fucks.

Oh and you can kiss even that job goodbye if you get sick or disabled. But then how can you live? No more social security or welfare. Oh what about me getting sick? Too bad we got rid of the ACA too.

Soon these fuckers will lose everything near and dear. But I guess the one thing that can never be taken away is them being white. So I hope that feeds you and keeps you warm you stupid assholes.