President Trump tells a CEO town hall meeting in Washington, D.C. on Tuesday, that ''the regulators are running the banks. So we're going to do a very major haircut on Dodd-Frank.'' Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) STORY: U.S. President Donald Trump hosts a CEO town hall in Washington, DC, Tuesday (April 4) on the American business climate. "The regulators are running the banks. So we're going to do a very major haircut on Dodd-Frank," said Trump. "We want strong regulation. But not regulation that makes it impossible for the banks to loan to people, that are going to create jobs," Trump said. Dodd-Frank, passed in the aftermath of the 2007-2009 financial crisis, forced U.S. banks to reduce their reliance on debt for funding and to craft "living wills," or blueprints for winding them down in a crisis. The law created a new agency, the Consumer Financial Protection Bureau, to oversee consumer financial products such as mortgages and gave regulators new powers over large non-bank financial companies.