washington<u+2014>president-elect donald trump vowed anew on friday to dismantle the 2010 dodd-frank financial overhaul, at the same time his transition team is tempering expectations for a full repeal of the sweeping law, people familiar with the matter said. instead, mr. trump<u+2019>s team is focused on rescinding or scaling back the individual provisions republicans find most objectionable, such as the financial stability oversight council<u+2019>s authority to designate large nonbanks systemically important and thus subject to tougher regulation from the federal reserve. these people said another priority is overhauling a section of dodd-frank, title ii, that gives financial regulators the authority to take over a failing financial firm and liquidate it<u+2014>an alternative to the government<u+2019>s 2008 strategy of bailing out banks by handing them equity capital. at the same time, a trump administration is expected to embrace other aspects of the massive law, these people said, including efforts to boost the transparency of credit-rating firms and regulate derivatives products<u+2014>the complex financial instruments at the heart of the financial crisis. mr. trump<u+2019>s financial policy team is still being assembled and its priorities could change. in a wall street journal interview friday, the president-elect said that financial deregulation would be a priority during his first few weeks in office to allow <u+201c>banks to lend again.<u+201d> he said he is eager to focus on the 2010 dodd-frank law, which he called <u+201c>a tremendous burden to the banks.<u+201d> he said: <u+201c>we have to get rid of it or make it smaller... banks are unable to lend. it<u+2019>s made our country noncompetitive. it<u+2019>s slowed down growth.<u+201d> he said that people who have money haven<u+2019>t been affected by the increased financial regulations. <u+201c>i can borrow money,<u+201d> mr. trump said. <u+201c>the people who are really good but need money to open a business or expand a business can<u+2019>t borrow money from the banks.<u+201d> the transition team<u+2019>s blueprint on the president-elect<u+2019>s website states that the trump team <u+201c>will be working to dismantle the dodd-frank act and replace it with new policies to encourage economic growth and job creation.<u+201d> the president-elect has tapped paul atkins , a former republican member of the securities and exchange commission and longtime dodd-frank critic, to recommend policies on financial regulation. an aide to mr. atkins, who heads a financial regulation consulting firm, referred requests for comment to the trump transition team, which couldn<u+2019>t be reached. much of the policy work to date appears to overlap with republican-backed legislation to replace dodd-frank that was written by house financial services committee chairman jeb hensarling (r., texas.). mr. hensarling<u+2019>s committee approved the bill in september by a vote of 30-26, largely along party lines. mr. hensarling is under consideration to serve as mr. trump<u+2019>s treasury secretary , other people familiar with the matter said. unlike other parts of dodd-frank, title ii is staunchly supported by large banks. they say it is proof that bailouts are a thing of the past. some republicans, however, would rather put big financial firms through bankruptcy. they believe title ii as it stands is simply a bailout by another name. these republicans especially dislike a provision that allows the government to temporarily lend money to a failing bank so it doesn<u+2019>t collapse while the government unwinds it. in a quirk, the congressional budget office views this part of the law as a liability for the federal government. that means that any legislation repealing the section looks attractive because it saves money, according to the cbo. write to andrew ackerman at andrew.ackerman@wsj.com and monica langley at monica.langley@wsj.com
full repeal of dodd-frank




		




			




		




	isn<u+2019>t main focus of trump transition  - wsj
andrew ackerman monica langley