Congress is unlikely to pass new regulation on Wall Street and more likely to chip away at Obama’s regulatory state. President-elect Donald Trump campaigned to reduce regulations on the private sector. Republicans promised that if they held on to both chambers of Congress they would promote policies that streamline the regulatory state and promote private enterprise.
The most important actions the Trump Administration and Congressional Republicans can take this session is to repeal harmful laws and pass new ones that protect the free market from manipulation that destroys private enterprise.
One of President Barack Obama’s signature pieces of legislation was the Wall Street regulatory bonanza known as the Dodd-Frank Act. Senator Chris Dodd (D-CT) and Rep. Barney Frank (D-MA) passed this legislation in response to the financial crisis that hammered the economy at the end of President George W. Bush’s last year in office. The legislation was sold as an…
