U.S. President Donald Trump tells members of the Independent Community Bankers Association at the White House, ''We're going to change regulations, we're going to give the incentives back and you're going to grow and thrive and prosper.'' Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) STORY: U.S. President Donald Trump (top L), flanked by Vice President Mike Pence, delivers remarks to members of the Independent Community Bankers Association in the Kennedy Garden at the White House in Washington, Monday (May 1). "I've directed my administration to provide regulatory reform and relief so that those rules don't shut down community banks, which have been shutting down, and small businesses," Trump told the crowd of community bankers. The head of the U.S. House of Representatives' banking panel has unveiled the Republicans' most ambitious plan so far to loosen financial regulations, a 600-page bill to replace the Dodd-Frank financial reform law. The 2010 Dodd-Frank law established strict rules on the financial sector to prevent a repeat of the 2008 financial crisis. Many Republicans, as well as President Donald Trump, believe the regulations put an undue burden on businesses and have held back the economy by restricting lending. "We're proposing one of the largest tax cuts in history, even larger than that of President Ronald Reagan," Trump said, as his administration gets set to overhaul tax laws. In closing, Trump told the community bankers, "We're going to change regulations, we're going to give the incentives back and you're going to grow and thrive and prosper."