donald trump didn<u+2019>t talk much about financial regulation during his campaign, but when he did, he sent one consistent signal: he<u+2019>d like to rip up the landmark 2010 dodd-frank overhaul law that has shaped the postcrisis american financial system. <u+201c>we have to get rid of dodd-frank,<u+201d> he told fox news in october 2015. <u+201c>the banks aren<u+2019>t loaning to people that need it,<u+201d> he added. <u+201c>the regulators are running the banks.<u+201d> it<u+2019>s unclear how high a priority that would actually rank in the trump agenda. but it has long been a major focus for congressional republicans. they<u+2019>ve been repeatedly stymied in their efforts by president barack obama and his aides, who have viewed dodd-frank as a pillar of their legacy. having maintained control of both chambers , gop lawmakers will likely try to move legislation targeting the act quickly through congress<u+2014>expecting that this time, they won<u+2019>t face white house resistance. a top target for republican lawmakers and their business allies is weakening the consumer financial protection bureau, a dodd-frank creation championed by sen. elizabeth warren (d., mass.). the bureau<u+2019>s aggressive moves to rewrite the rules of american finance<u+2014>curbing high-dollar payday loans; banning banks for forcing disgruntled consumers into mandatory arbitration;<u+00a0> and cracking down on debt collectors<u+2014>have rankled a wide range of companies and creditors. and yet mr. trump has also expressed an ambivalence throughout the campaign toward the wall street establishment, which had clearly favored his democratic rival hillary clinton. during a january 2016 campaign swing through iowa he said <u+201c>i<u+2019>m not going to let wall street get away with murder,<u+201d> though he never specified what, if anything, he would do. he also joined mrs. clinton in saying he would end what has long been seen as a loophole allowing hedge fund managers to pay a low tax rate on high earnings, although his tax plan could still allow them to avoid paying higher taxes. one other mystery for the financial industry: the platform of the july republican convention that gave him the party<u+2019>s nomination included a call to restore the depression-era glass-steagall law that would force a break-up of big banks. mr. trump himself has never endorsed a return of glass-steagall, and, in fact, once said he opposed breaking up the banks. corrections & amplifications: elizabeth warren is a u.s. senator from massachusetts. an earlier version of this article incorrectly stated she represented michigan. (11/09) write to jacob m. schlesinger at jacob.schlesinger@wsj.com
donald trump took aim at dodd-frank on the stump - wsj
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