| June 12
June 12 The U.S. Treasury Department suggested
major revisions to key Wall Street regulations that were put in
place after the 2008 financial crisis in a lengthy report on
Monday suggesting over 100 possible changes.
The vast majority of recommendations laid out in the
Treasury's 150-page report can be accomplished by regulators
appointed by President Donald Trump without any legislative
changes from Congress, Treasury Secretary Steven Mnuchin told
The report relies heavily on those regulators, as the Trump
administration cannot count on legislation from Congress.
Democrats are resisting major changes to the 2010 Dodd-Frank
Wall Street reform law that came out of the financial crisis and
was a signature achievement for former President Barack Obama.
Among other things, the Treasury would expand the authority
of the Financial Stability Oversight Council, ease up on the
Volcker rule, which restricts banks' ability to place
speculative market bets, and reduce the authority of the
Consumer Financial Protection Bureau.
It would also provide relief for smaller banks by raising a
$50 billion asset threshold that now requires tougher regulatory
(Reporting by Pete Schroeder; Editing by Diane Craft)