Trump Administration Renews Call for Financial Overhaul

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By Rob Tricchinelli

President Donald Trump told congressional Republicans today that he’d press on with efforts to overhaul the financial regulatory system.

“We will also pursue financial reforms that will help striving Americans get the credit they need to realize their dreams,” Trump told lawmakers during a party retreat in Philadelphia.

During the campaign, Trump said he wanted to dismantle the Dodd-Frank Act but has largely kept quiet on the issue since taking office.

Vice President Mike Pence echoed that call during the retreat, calling for eliminating the law’s “overbearing mandates so that well capitalized, well-regulated banks can meet the needs of small business, which is the engine of American job creation and prosperity.”

Republican efforts for revamping financial regulation in this Congress are still taking shape. House Financial Services Committee Chairman Jeb Hensarling (R-Texas) is preparing to release an updated version of his far-reaching Financial Choice Act, and lawmakers are eyeing a mid-February committee markup of the new bill.

On the Senate side, Banking Committee Chairman Mike Crapo (R-Idaho) wants Dodd-Frank changes as well but has said he would prefer a bipartisan approach. Crapo hasn’t publicized his plans.

No Democrats voted in favor of the previous version of Hensarling’s bill when it came up in committee in 2016.

To contact the reporter on this story: Rob Tricchinelli in Washington at rtricchinelli@bna.com

To contact the editors responsible for this story: Seth Stern at sstern@bna.com

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