Trump administration begins push to ease banking, financial restrictions

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The Trump administration is proposing measures to ease restrictions on banks and financial institutions.

The Treasury Department’s review on the Dodd-Frank Act would curb the authority of the consumer finance watchdog created in 2010 following the 2008-09 financial crisis that began the Great Recession.

Trump has called Dodd-Frank a “disaster” and has pushed for its overhaul since the campaign trail.

The report outlines an overhaul of the Consumer Financial Protection Bureau to remove the agency’s authority to supervise banks and financial companies, returning that power to other federal and state regulators.

The report also called for more “efficient’” banking laws such as the Volcker Rule, established to bar banks from trading for their own profit instead of for customers. The report suggests exempting banks with less than $10 billion in assets and those that have over $10 billion with few trading assets.

Any changes proposed by the report would be subject to the passing of legislation from Congress.

The Treasury report followed House-approved legislation to undo Dodd-Frank last week.