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Trump plans to tear down Obama’s Wall Street reform law

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Presumptive Republican presidential nominee Donald Trump says he would dismantle nearly all of US President Barack Obama’s sweeping financial reforms known as Dodd-Frank.

The billionaire businessman said Tuesday that he intended to unveil a detailed economic policy platform in two weeks, saying the 2010 Dodd-Frank law was harming the US economy.

“Dodd-Frank has made it impossible for bankers to function,” Trump told Reuters in an interview. “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.”

Pressed on the extent of the changes he wanted to put in place, Trump said, “it will be close to dismantling of Dodd-Frank.”

“Dodd-Frank is a very negative force, which has developed a very bad name,” the real estate mogul added.

The GOP candidate praised current Federal Reserve Chairwoman Janet Yellen for her decision to keep the interest rate down. However, Trump said he wanted a Republican to lead the US central bank.

Janet Yellen participates in a meeting of the Financial Stability Oversight Council at the Treasury Department, April 13, 2016 in Washington, DC. (AFP photo)

“I happen to be a low-interest rate person unless inflation rears its ugly head, which can happen at some point,” he said.

In February, Trump said that the Federal Reserve should be audited, a proposal in line with Republicans in Congress who want greater scrutiny of the Fed’s interest-rate decisions.

Passed in the aftermath of the 2007-2009 financial crisis, Dodd-Frank brought the most significant changes to US financial regulation since the regulatory reform that followed the Great Depression.

The law forced US banks to reduce their reliance on debt for funding and laid out blueprints for winding them down in a crisis.

Republicans in Congress have been fighting to ease the regulations for small and medium-sized banks, while bank lobbyists have pushed for changes to make compliance easier.

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