The incoming Trump administration is gearing up to make additional reductions to financial regulations during his second term, putting the CFPB, SEC, FDIC and Federal Reserve on notice that change is coming. Or at least the attempt at change.
Trump's stated mission to drastically reduce the power of U.S. financial regulators would gift Wall Street with a 'deregulatory boost’ after 15 years of heightened oversight and tightened restrictions. Strict regulation that directly resulted from the 2008 subprime mortgage crisis attributed primarily to their actions, if you'll recall.
The financial sector is hoping for elimination of post-market crash safeguards with Trump’s reelection, and probably that Americans will experience mass amnesia related to its past predatory behavior, which didn't land any of them in prison, but wiped out $3.4 trillion from' retirement accounts, cost approx. 15 million Americans their jobs, shuttered 1.8 million small businesses, caused inflated home values to plummet an est. 30% putting many into a negative equity position and setting off a massive wave of foreclosures resulting in a loss of $7 trillion in the real estate industry. They'd like us to forget that the fallout expanded into long-term damage to consumer credit ratings, extended loss of income, $1 trillion in stock portfolio losses, overall weakening of the U.S. economic system and the spreading of our $20 trillion misery to other countries.
They don't want us to see that many of Trump's floated policies--especially if combined--risk taking us right back to the days of Wall Street running amok, racking up the economic tab until taxpayers (and what's left of the FDIC) are again stuck with the life-crushing, economy-crippling bill.
How many of his deregulation efforts will be challenged and blocked, or diluted? How much of his publicly-spouted deregulation plan will he even decide to pursue? Well, its Trump, so who knows? But he has goals...
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