Wall Street Surges Anew As Donald Trump Vows To Dismantle Dodd Frank
Bank stocks surged when President Donald Trump won the election, gaining about 25% in the weeks after Nov. 8 as investors prepared for his agenda of deregulation. Now, as Trump completes his second week in the White House and fulfills his promise of a dramatic regulatory rollback, Wall Street stocks are surging once more.
The Financial Sector Select SPDR rose nearly 2% in early trading as President Trump prepared to sign an executive order calling for the U.S. Treasury to roll back the Dodd Frank Act, a financial reform law forged by the administration of President Barack Obama in response to the 2008 crisis.
Trump’s executive order likely spells the end to a sweeping agenda of oversight and will re-open profitable business lines for major Wall Street investment banks. It also should bolster the mammoth trading businesses of America’s largest banks.
Morgan Stanley and Citigroup shares rose more than 2%, while Goldman Sachs, JPMorgan and Bank of America rose over 1.5%.
Poor Fwank. He’th gunnah be tho piththed that hith daily thot of man butt thex ith outta the quethion!
I thought that was a gay law, for gays only.
Reinstate Glass-Steagall.
Trump will repeal faux regulation oversight Dodd-Frank.
He will re-instate Glass-Stegall.
Be scared, Wall Street. Be very scared. …Lady in Red
Hi LIR. Good to see you back.
Good news! Cumbersome and odorous law. But consider the source!
Repeal Sarbanes Oxley next. SOX compliance for business is the biggest source of costly, I mean really really costly, red tape ever perpetuated on business. Compliance consultants are expensive and then they interrupt people from their real jobs to gather information for that reporting.
Perpetrated. Dammit.
Excellent news. Google BAIL INS IN AMERICA. Under Dodd Frank the money you have deposited is GONE if a bank fails. Depositors are now last in line during bankruptcy proceedings. And, the FDIC only has a pittance to pay off everyone’s ‘guaranteed’ 250K per account.
@PHenry: Amen to that. From personal experience I can tell you that, because of SOX, it can now take a computer programmer five or ten times as long (or longer!) to document, justify, and implement a few lines of code as it did to write and test them. And it gets worse with time. It’s the biggest obstacle to productivity since the invention of day-long status meetings, and the primary reason I didn’t mind retiring when I did.
SOX SUX
Kill it.
@Vietvet. Not to mention that you have to add a new system to mirror every production system, off site. So you have doubled hardware costs, maintenance for each, buy mirroring software, pay a COLO to house mirrored systems. The expense is MASSIVE and provides no value.
That was a Clinton legacy. Subprime intended consequence
The fact that a corrupt imbecile like Dodd and Frank, a man who’s only area of expertise was running an illegal gay whorehouse got to dictate to Americans how their businesses should be destroyed spoke volumes as to how far we had fallen from the founding of the nation.
This is an atrocious law. My home appraised value dropped 40% after it was enacted. Meanwhile the two shitbirds who authored it road of into the sunset.
Dodd-Frank, there is a real pair of ducks!