Top Banking Dem pushes back on Trump Dodd-Frank 'dismantle'

Top Banking Dem pushes back on Trump Dodd-Frank 'dismantle'
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The ranking Democrat on the Senate Banking Committee on Wednesday urged President-elect Donald TrumpDonald John TrumpTrump watching 'very closely' as Portland braces for dueling protests WaPo calls Trump admin 'another threat' to endangered species Are Democrats turning Trump-like? MORE to protect a federal panel charged with financial sector oversight.

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Brown said protecting FSOC, which is reviled by Republicans, is essential to Trump’s campaign promise to fight against corporate elites.
 
"The Council’s oversight of potential risks posed by massive hedge funds is another example of the work that remains to protect everyday Americans from once again bailing out ‘too-big-to fail’ financial institutions,” Brown said. “If President-elect Trump is serious about stopping Wall Street and hedge funds from 'getting away with murder,’ he’ll make sure the Council can keep doing its job.”

Trump has promised to “dismantle” Dodd-Frank, but hasn’t outlined how he would do that. His language on the issue mirrors that of Rep. Jeb Hensarling (R-Texas), House Financial Services Committee Chairman, who introduced a replacement bill this year.

Brown is one of the Senate’s most ardent progressives. Even so, he’s expressed optimism about working with likely Senate Banking Committee Chairman Sen. Mike CrapoMichael (Mike) Dean CrapoA US-UK free trade agreement can hold the Kremlin to account Oversight Republicans demand answers on Capital One data breach On The Money: Fed cuts rates for first time since financial crisis | Trump rips Fed after chief casts doubt on future cuts | Stocks slide | Senate kicks budget vote amid scramble for GOP support MORE (R-Idaho) on infrastructure and corporate accountability.

"Americans who believe the system is rigged certainly don't want to see Wall Street write the rules,” said Brown, reflecting Trump’s criticism of corporate “elites” and progressive distrust of Wall Street. “We must continue fighting to preserve and strengthen ‎Wall Street reforms that protect American families from being on the hook for another bailout.”