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President Trump takes first steps towards fulfilling campaign pledge to scale back financial regulations

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By Gillian West, Social media manager

February 4, 2017 | 2 min read

President Trump is tackling financial services regulations with his latest executive order.

The order, to review the 2010 Dodd-Frank financial regulations, fulfils a campaign pledge of Trump’s to repeal and replace the act which was brought in after the 2008-09 financial crisis.

Earlier in the week the US president deemed the act a “disaster” promising to do “a big number on Dodd-Frank.”

Named after the congressmen who campaigned for the legislation, Dodd-Frank looks to rein in risky practices of banks and other financial companies. The introduction of the act also created the Consumer Financial Production Bureau (CFPB), a government agency which seeks to make sure consumers are treated fairly by banks and other lenders.

However, according to Trump officials the act has not achieved what it set our to do and news of the review sent shares soaring on Wall Street and on the European stock markets.

Though market analysts have admitted there could be a positive effect from “unwinding some of Dodd-Frank” scrapping it completely could put the country at risk of a “repeat of 2008.”

Since his inauguration on Friday 20 January Trump has signed a number of executive orders the most controversial of which, a 90-day travel ban on seven Muslim-majority countries, has sparked a backlash among brands and tech leaders.

Media Donald Trump

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