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If Trump wins, he plans to ease restrictions on Wall Street


Politics

Trump plans to ease restrictions Wall Street

According to the gathered information, a second Trump administration would aim to significantly reduce the power of financial regulators in the United States.

To prevent another global banking crisis like the one in 2008, Congress made the US government closely monitor the financial sector after the worst economic crisis since the Great Depression.

Interviews suggest that if elected, Donald Trump would likely resume efforts to roll back reforms, reduce protections for small-scale investors and borrowers, and allow companies to raise money with less scrutiny. Reuters spoke with around twelve individuals who have received advice or consultation from Trump or his associates.

The presumed Republican nominee has not revealed his formal policy staff or given specific details on how he plans to regulate Wall Street, except through short videos and excerpts at campaign events.

According to Reuters, many professionals and Trump supporters are proposing regulatory changes, finding job candidates, and sharing ideas with Trump personally at his Mar-a-Lago Club in Palm Beach, Florida.

A number of the policies that Trump presently espouses have long been discussed in conservative economic circles. The Trump administration is looking to reduce the Dodd-Frank Act, a set of regulations created after the 2008 financial crisis, to lower systemic risk. Another suggestion is to make it easier for private businesses to raise capital, allowing them to access less transparent and more challenging-to-trade private money and securities.

Official statistics show that unemployment is at its lowest point since the 1960s, not including the immediate impact of the coronavirus outbreak during both Trump and Biden's presidencies. According to Commerce Department data, U.S. President Trump's GDP growth was slower (8.1%) than Biden's (10.6%) during their first three years in office. However, comparing their performances can be difficult due to the impact of the pandemic and other factors.


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