President-elect Donald Trump is translating some of his populist campaign rhetoric into policy statements, including the contention that the Dodd-Frank Act should be scrapped because it has made Wall Street banks an even bigger threat to the nation’s economy and working families.
After the government’s answer to the 2008 financial crisis, the “big banks got bigger while community financial institutions have disappeared at a rate of one per day, and taxpayers remain on the hook for bailing out financial firms deemed ‘too big to fail,’” says a statement posted on Trump’s official transition website. “The Financial Services Policy Implementation team will be working to dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation.”
U.S. bank stocks climbed for a second straight day on Thursday as investors bet a Trump presidency will lead to less regulation and sideline industry critics in Congress led by Senator Elizabeth Warren.
The 24-company KBW Bank Index advanced 3 percent at 3:16 p.m. in New York, led by Wells Fargo & Co., which rose 7.4 percent. Bank of America Corp. advanced 4.5 percent, while JPMorgan Chase & Co. climbed 4.4 percent.