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6/30/2016

TRUMP Trashes Dodd Frank



Trump's Burned Kettle
Calling the Dodd-Frank Act a “negative force,” presumptive Republican presidential nominee Donald Trump says he will unveil a plan to overhaul the controversial Wall Street reform law that was passed in 2010 in response to the crisis.
While he did not disclose specific changes he would  dismantle Dodd-Frank.
“Dodd-Frank has made it impossible for bankers to function,” Trump said “It makes it very hard for bankers to loan money for people to create jobs, for people with businesses to create jobs. And that has to stop.”
The presumptive Democratic presidential nominee, Hillary Clinton, was swift to respond to Trump’s stated intention to overhaul Dodd-Frank. Wednesday morning, Clinton tweeted, “Latest reckless idea from Trump: gut rules on Wall Street, and leave middle-class families out to dry.”
I'm not sure either one knows what they are speaking about. Dodd Frank was a well meaning but stupidly executed plan. Dodd Frank made the big banks richer and the little guy not to get a mortgage. Dodd Frank did not get the crooks and liars out of mortgage banking, the tin men sales people moved to loan modifications, those who couldn't pass a knowledge test moved to sell cars or work under someone else's license. I challenge Borrowers who say they had no idea their payment might go up. I do admit that African Americans were preyed upon by some lenders, who gave them higher rate loans. Of the thousands of Option ARM loans I closed I have a tough time convincing a Borrower whose rate is now under 3% but has to make principle payments to refinance.

Republicans have been trying to roll back Dodd-Frank ever since it was passed in July 2010. Lately several bills aimed at chipping away at the law have gained traction in Congress. In mid-April, two  bills passed in the House Financial Services Committee; one to repeal Dodd-Frank’s bailout fund for large, complex financial institutions and one to put the Consumer Financial Protection Bureau’s spending on a budget in an attempt to make the Bureau more accountable to taxpayers. CFPB has become the gorilla in the day care center.
Rep. Jeb Hensarling (R-Texas), Chairman of the House Financial Services Committee, recently told DS News that “America needs a new vision—a new model for financial reform—because the Dodd Frank Act is a failure.”
Democrats have generally been fiercely protective of Dodd-Frank and highly critical of Republican efforts to undermine it. Rep. Maxine Waters (D-California), ranking member of the House Financial Services Committee, said of those two bills that passed in the Committee in mid-April, “Both of these bills, if enacted, would take our financial system back to September of 2008, when regulators did not have the tools to protect consumers or the broader economy from financial sector ruin. It would take us back to a time when we were hemorrhaging nearly 800,000 jobs a month, household wealth dropped by $13 trillion, and millions of our fellow Americans were facing foreclosure, eviction, and potential homelessness.”

And Trump who has BANKRUPTED what four companies is going to come up with a financial plan?
And Clinton who was caught with her hand in the cookie jar is any better?

Where is our country going?

Tip if your kettle gets black from propane gas not being mixed right- Fells Napha soap on the pot can help. Rather than just calling the kettle black