President Trump assured small bankers Monday that he’s committed to cutting red tape imposed on them by the Dodd-Frank financial regulatory law.
In a White House meeting with members of the Independent Community Bankers of America, Mr. Trump said he is working to “roll back burdensome regulations” such as those created by the 2010 law.
Vice President Mike Pence added, “Dodd-Frank’s days are numbered.”
The bankers, many of whom were wearing caps proclaiming “Make Community Banking Great Again,” whooped and applauded.
The administration has noted that the number of small banks has dropped about 30 percent since 2008.
Prior to the meeting, ICBA CEO Cam Fine said the group planned to raise several issues at the meeting with the president, including the “pressing need for regulatory relief.”
The conservative Heritage Action for America on Monday endorsed House legislation that would roll back many of Dodd-Frank’s requirements, including the repeal of many of its “too big to fail” provisions for bank bailouts and reforming the Consumer Financial Protection Bureau, an agency often criticized by Republicans for exerting too much regulatory authority.
The ICBA’s members are also lobbying Congress this week on issues such as the reauthorization of flood insurance, tax reform, credit unions’ federal tax exemption, and a farm bill.