Trump is showing he really hates regulations and loves Wall Street by going much further than just rolling back the Dodd – Frank law. Nobody should be surprised by this since this was a pledge that the Liar in Chief made during the campaign. Wall Street never liked the Dodd – Frank Act since it protected you as well as you could get Congress to protect Main Street and the working poor.
Like the Affordable Care Act, the Dodd – Frank Act is another part of the Obama legacy that the Orange Tangerine is taking apart piece by piece. The first move in this checkers game by the Republican President is to terminate the “fiduciary rule,” which would eliminate conflicts of interests and make retirement advisers work in the best interest of their clients instead of themselves. The White House Economics Adviser Gary Cohn claims that the order was a “table setter for a bunch of better stuff that is coming” but left no explanation for what that “better stuff” would be.
So when the former President of Goldman Sachs tells you that elimination of the “fiduciary rule” is better for consumers what you can rest easy knowing it’s better for Wall Street. On Friday when you are set to enjoy your weekend with your friends and family or maybe work that extra job know that the rule that’s set to start in April will actually be asked in a memorandum to be revised or rescinded entirely by the Department of Labor.
Trump is keeping his promises to deregulate and his economic billionaire minions are telling his no information voters the lie that it will protect them in the long run with a better deal. With this paper cut your broker will be able to steer you in the way that’s better for them and not necessarily better for you while you are busy pulling up those boot straps.
The actions that are being taken by this former reality TV star now turned President are not going to help the struggling voter who bought into his populist rhetoric. Trump is an establishment Republican who is showing it. If it’s replacing the Consumer Financial Protection Bureau director to make it docile or getting rid of it entirely they aren’t looking out for the average Trump voter who will soon have buyers remorse when the next crash hits this economy and the billionaires who aren’t complaining now will still stand by his side. Laughing all the way to the bank as Clinton, Stein, Johnson, and Trump voters are stuck with the tab. This is why you must resist and keep every Democratic politician in check as well.