Author Topic: Trump says business friends 'can't get loans' because of Dodd-Frank  (Read 1463 times)

Offline imchills

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President Trump on Friday said sweeping changes are needed to the Dodd-Frank financial reform law because his friends in business are struggling to get loans from banks.

“We expect to be cutting a lot out of Dodd-Frank because, frankly, I have so many people, friends of mine, who have nice businesses who can’t borrow money. They just can’t get any money because the banks just won’t let them borrow, because of the rules and regulations in Dodd-Frank,” Trump said at a Friday morning meeting with CEOs from a number of companies.

CEOs attending the meeting included Jamie Dimon of JPMorgan Chase and Stephen Schwarzman of the Blackstone Group.

Trump has made cutting regulations a major focus of the early days of his administration. Republicans on Capitol Hill also have put a target on the financial law, which President Obama signed in 2010 after the housing crisis that led to a deep recession in 2008.
“We're going to discuss all of the things that you think we can do to bring back our jobs, to get taxes even lower than we’re going to be cutting them,” Trump told the CEOs. 

“We have a great plan, but I want to have your input on the plan in particular, and to do what we have to do in terms of regulation, we have some of the bankers here. There’s nobody better to tell me about Dodd-Frank than Jamie.”

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Re: Trump says business friends 'can't get loans' because of Dodd-Frank
« Reply #1 on: March 15, 2018, 01:56:40 pm »

"I rise today to introduce the 'While Everyone Is Distracted By Russia-Gate and by Pornstars Suing the puppet, Let's Deregulate the Same Wall Street Crooks Who Caused the Great Recession Act"

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Re: Trump says business friends 'can't get loans' because of Dodd-Frank
« Reply #2 on: September 28, 2018, 06:44:56 pm »
Friday, 28th September 2018

Judge: Congressional Democrats can sue Trump over emoluments

by Associated Press

A federal district judge in Washington says a group of nearly 200 Democratic senators and representatives has legal standing to sue President Donald Trump to prove he violated the U.S. Constitution’s emoluments provision banning the acceptance of gifts from foreign interests.

The ruling by U.S. District Court Judge Emmet Sullivan found that lawmakers have adequately shown that they’ve suffered harm from the president’s alleged violation of the emoluments clause, which bans benefits from foreign governments unless a majority of both houses of Congress consent.

The ruling was the second time a federal court judge has decided to advance such unprecedented constitutional lawsuits against the president.

A federal judge in Maryland ruled in July that a similar lawsuit against Trump filed by the attorneys general for Maryland and the District of Columbia could proceed, but only as pertained to earnings from Trump’s Washington, D.C., hotel.

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Wednesday, 15th May 2019
trump Has No Idea What He's Doing
by Eugene Robinson

The thing to keep in mind about President Donald Trump, as he thrashes around like a weak swimmer in a strong current, is that he has no idea what he's doing.


Not a clue.

I know that he can be clever politically, in a tactical sense.

I know that his lies are often both deliberate and effective.

I know that his utter shamelessness can sometimes come off as some kind of warped genius.

But the only thing that's profound about Trump is the truly spectacular depth of his ignorance.

As evidence, take a glance — if you dare — at your 401(k).

The president's decision last week to unilaterally boost tariffs on $200 billion of Chinese imports produced an entirely predictable response — retaliatory tariffs from Beijing on $60 billion worth of U.S. products, a freakout by the financial markets and a screaming plunge in the Dow and other major indexes.

The administration's trade talks with China had reportedly been going well and were supposed to be nearing an end.

Trump accused the Chinese of trying to renege on concessions at the last minute, but the president's history suggests otherwise.

Veterans of the high-stakes world of New York real estate have told me about what they described as Trump's standard negotiating practice — pitching some kind of fit at the very last minute, when the other party thought things were settled, in hopes of bullying his way to a better deal.

That might work with a subcontractor who doesn't have the power to say no, or even with a fellow developer who vows on the spot never to do business with Trump again.

But would any skilled negotiator think such a stunt would work with China, the world's second-greatest economic power?

Wouldn't the Chinese government have to react in kind, if only as a matter of sovereign pride?

And wouldn't startled investors conclude that their fear of a serious trade war — the kind with no winners, only losers — had been realized?

I assume Trump realizes that China isn't really "paying" the tariffs and that the cost is actually borne by U.S. consumers, who will pay higher prices for made-in-China goods.

Either the president constantly lies about this on his Twitter feed, hoping to fool the gullible, or he's even more clueless about trade than I imagined.

Here are a few confident predictions:

In the end, Trump will have succeeded only in further spooking the skittish financial markets.

If there is a U.S.-China deal, it will be no more favorable — perhaps less favorable, I fear — than the deal Trump could have gotten before his little power play.

And if there's not a deal, well, the president will spend the summer trying to badger the Federal Reserve into cutting interest rates in an attempt to keep the economy from sliding into recession.

Meanwhile, Trump will scramble to ease the pain he is causing his red-state supporters to suffer.

He said Monday he will somehow channel billions of dollars in what amount to welfare payments to farmers whose livelihood depends on selling soybeans and other products to China.

This is typical Trump — make a mess, then try to clean it up.

It is no way to run a mom-and-pop store, let alone a great nation.

It was Jeb Bush who warned that Trump would be "a chaos president," and he was right.

Alas for the world, the administration's willy-nilly approach extends beyond trade policy.

One of Trump's most significant foreign-policy decisions was to withdraw last year from the nuclear deal that the Obama administration had reached with Iran — even though the Trump administration acknowledged that the Iranians had been faithful to the agreement.

Iran and other signatories are still observing the 2015 deal's terms, yet Trump has steadily increased U.S. pressure on the Iranian economy.

But to what end?

Predictably, Tehran is bristling.

As tensions rise, world leaders have become concerned that the United States and Iran could bluster and blunder their way into armed hostilities.

Secretary of State Mike Pompeo crashed a meeting of European Union foreign ministers Monday to ease the diplomats' fears.

Reportedly, he failed.

No one can have any confidence that this administration has thought out a step-by-step plan for anything.

Look at the situation in Venezuela.

There, the administration took a page from the Obama playbook — multilateralism — and assembled an impressive coalition of nations to demand President Nicolas Maduro's ouster.

But the effort to depose Maduro has failed, and he retains the support of the powerful military.

Now what?

There are many fitting words to describe the Trump administration.

One of the simplest is "dumb."

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Wednesday, 22nd May 2019
$20 bill redesign with Harriet Tubman on hold


Treasury Secretary Steven Mnuchin on Wednesday said a redesign of the $20 bill, expected to feature famed abolitionist Harriet Tubman, is unlikely to come out before 2028, drawing a sharp response from a lawmaker who pressed him on the issue.

Rep. Ayanna Pressley (D-Mass.) repeatedly questioned Mnuchin on his timetable for redesigning the bill, asking if it was still on track for 2020, as Mnuchin's predecessor had once said.

Sort of, Mnuchin said.

“The primary reason we’ve looked at redesigning the currency is for counterfeiting issues,”

he told Pressley at the House Financial Services Committee hearing, adding that there would be a “security feature redesign in 2020.”

“It is my responsibility now to focus on what is the issue of counterfeiting and the security features,” he said.

“The ultimate decision on the redesign will most likely be another secretary’s down the road” — in 2028.

In April 2016, then-Treasury Secretary Jack Lew said he asked the Bureau of Engraving and Printing to accelerate work on the new $20 bill with Tubman on the front.

He said he expected the final concept design for the new $20 bill and other bills to be unveiled in 2020 in conjunction with the 100th anniversary of the 19th Amendment, which granted women the right to vote.

Pressed further by the congresswoman, Mnuchin said he has made no decision on whether Tubman should be put on the bill.

“The imagery feature will not be an issue that comes up until most likely 2026,” he said.

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