U.S. President Donald Trump said on Tuesday that his administration was reducing regulations and revamping the Wall Street reform law known as Dodd-Frank which might be eliminated and replaced with “something else.”
“We’re going to reduce taxes, we’re going to eliminate wasteful regulations,” Trump said at a meeting attended by corporate leaders and members of his cabinet.
Earlier this year, Trump had ordered the reviews of the major banking rules that were put in place after the 2008 financial crisis and last week, he said officials were planning a “major haircut” for the regulations.
“For the bankers in the room, they’ll be very happy because we’re really doing a major streamlining and, perhaps, elimination, and replacing it with something else,” Trump said on Tuesday.
“That will be the minimum. But we’re doing a major elimination of the horrendous Dodd-Frank regulations, keeping some obviously, but getting rid of many.”
Participants in the meeting included Rich Lesser, chief executive of Boston Consulting Group; and Doug McMillon, chief executive of Wal-Mart Stores; Indra Nooyi, chief executive of PepsiCo.
Others are Jim McNerney, former chief executive of Boeing; Ginni Rometty, chief executive of IBM; and Jack Welch, former chairman of General Electric.
The business leaders are part of Trump’s “Strategy and Policy Forum” that last met with him in February.
Trump also reiterated his criticism of the North Atlantic Free Trade Agreement between the United States, Canada and Mexico.
“NAFTA is a disaster. It’s been a disaster from the day it was devised. And we’re going to have some very pleasant surprises for you on NAFTA, that I can tell you,” he said. (Reuters/NAN)