But where are some modest suggestions that we could look at? For instance, rules requiring regional banks to keep the same levels of capital as the largest institutions in the country should be changed, Forte said. Former Massachusetts representative Barney Frank, who cosponsored the financial reform legislation along with then-senator Christopher Dodd, said the order signals Trumps intent, but gutting the law in Congress would probably be difficult and take a long time. More likely, Trumps appointments for the various agencies that oversee financial regulations will weakly enforce the regulations, Frank said. Its a charter to weaken the regulation, he said of the executive order. The Republican Congress and the administration will probably target certain aspects of the law, particularly the Consumer Financial Protection Bureau. The bureau has gone after banks, payday lenders, and mortgage companies and collected billions of dollars in fines from financial institutions. Republican lawmakers and the Trump administration have indicated, in particular, that they want to change the leadership of the agency and could try to limit its funding. A recent federal court ruling also found that the CFPBs structure, with a director who could only be fired for cause by the president, was unconstitutional. They will probably try to change funding for CFPB and make it subject to appropriation, which could dramatically curb [its] boldness, said James Segel, who worked as special counsel to Frank during the financial crisis. The changes to the Department of Labors so-called fiduciary rule will probably happen more quickly.
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