President Donald Trump

Photo by Xinhua/Sipa USA

President Trump Eager To Sign Bill Rolling Back Dodd-Frank

May 23, 2018 - 7:12 am

President Donald Trump says he is eager to sign a bill that will dismantle a chunk of the landmark Dodd-Frank act that grew out of the 2008 financial collapse.

A day after the House voted to approve the bill, Trump tweeted Wednesday: "Big legislation will be signed by me shortly." He cited "big changes to DODD FRANK."

The bill raises the threshold at which banks are deemed so big and plugged into the financial grid that if one were to fail it would cause major havoc. Those banks are subject to stricter capital and planning requirements.

Backers of the legislation argue that loosening the restraints would boost lending and the economy.

The House voted 258-159 on Tuesday to approve legislation rolling back the law. The Senate voted 67-31 to approve it in March.