President Donald Trump announced his aggressive plan to slash regulatory hurdles for businesses, during a meeting with CEOs and business leaders at the White House on April 4.
“We are absolutely destroying these horrible regulations that have been placed on your heads—over not eight years, over the last 20 and 25 years,” said Trump.
His priority will be the Dodd-Frank Act, which Trump called “horrendous.”
The act is a complex set of banking regulations, enacted in 2010 by the Obama administration, that is designed to prevent a repeat of the 2008 financial crisis.
But it failed to serve its stated purpose, according to experts. The legislation, which aimed to end the “too big to fail” mentality of the major banks, has instead hurt small banks, small businesses, and consumers.
