Wall Street bearish on Trump's call to scrap financial reform law

[WhiteTara]

https://www.yahoo.com/news/wall-street-bearish-trumps-call-scrap-financial-reform-224523715--sector.html?nhp=1

WASHINGTON (Reuters) - U.S. banking lobbyists said on Wednesday they disagree with presidential candidate Donald Trump's call for a wholesale repeal of President Barack Obama's financial reform law, even though they share his view that it is overly burdensome.

U.S. banks do want changes to the 2010 Dodd-Frank law but after spending millions of dollars to bring themselves into compliance with it, they are wary of Trump's call for it to be essentially scrapped.

Trump, the presumptive Republican presidential nominee, vowed on Tuesday to dismantle most of the law. "Dodd Frank has made it impossible for bankers to function," he told Reuters in an interview.

Richard Hunt, head of the Consumer Bankers Association, a Washington trade group, said he appreciated Trump's interest in changes to the financial regulatory system. "It certainly needs some perfecting," he said.

"To have an outright repeal of Dodd-Frank I don't think would serve the banking industry or consumers," Hunt said, adding that it would create a messy regulatory environment.