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Will the Banking Industry Push for Reduced Regulations with President Trump

The strangling regulations imposed by the Dodd-Frank Act to control the banks’ profitability will be eliminated if President Trump’s plan manages to succeed. President Trump promised in his campaign to cancel the Dodd-Frank Act. He said he had some friends who have nice business ideas but they were unable to get the funding that they need.

Dodd-Frank Act has inflicted huge losses to small banks Although big banks have continued to experience growth without any problem. The act has also caused a lot of banks to stop offering a free checking account. Consumers are getting lesser for what they pay as a result of the regulations introduced by the Dodd-Frank Act.

The CHOICE Act has been proposed to remove some of the burdensome laws imposed by the Dodd-Frank Act. It was first put forward by the Republicans in the mid-April. The act explains how the Dodd-Frank Act has slow down the economy growth by restricting access of funding to people from lower income families.

CHOICE (Creating Hope and Opportunity for Investors, Consumer, and Entrepreneurs) Act will be considered by the House of Representatives on Wednesday. One of the changes the act will remove is the maximum limit placed on the debit card swipe fees. The limit incurred on the debit card swipe fees was intended to help customers save money but it has inflicted expensive costs on banks at the same time.

CHOICE Act aims to increase capital access to small businesses to allow them to start businesses based on their creative new ideas. This will, in turn, create more jobs and increase the growth in the economy. It will provide funding for many job creators and increase the employment rate in America. The Dodd-Frank Act has burdened community banks with various types of unnecessary costs since its introduction.

It is estimated that about 1,900 community banks have closed down because of the Dodd-Frank Act. Demolishing the Dodd-Frank Act is the key to the economy growth because small banks play an important role in lending to new generations who want to start small businesses.

The Democrats have been fighting hard to protect the Dodd-Frank Act while the Republicans want the Dodd-Frank Act to be eliminated. It will take some time for the president to repeal the regulations of the Dodd-Frank Act completely. Eliminating the Dodd-Frank Act will not be as easy as signing a paper.

One must first understand the various flawed parts in the Dodd-Frank Act in order to repeal it completely. The congress approval is required in order to make amendments to the different parts of the Dodd-Frank Act. The dismantling of Dodd-Frank Act will leave a negative impact on agencies that were established through the Dodd-Frank Act.

The editorial team from California Short Term loans will continue to review personal loan programs, short-term financing, taxes, debt and credit savings opportunities for California residents throughout 2017!

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