Trump raves that rolling back Dodd-Frank will allow 'friends of mine' to borrow money again

On Friday, President Donald Trump announced his intention to sign an executive order rolling back the Dodd–Frank Wall Street Reform and Consumer Protection Act, with a nod to his friends' "nice businesses."
"We expect to be cutting a lot out of Dodd-Frank, because frankly I have so many people, friends of mine, that have nice businesses, they can't borrow money because the banks just won't let them borrow because of rules and regulations and Dodd-Frank," Trump said.
Dodd-Frank was signed by President Barack Obama in 2010 in the wake of the 2008 financial crisis. White House National Economic Council Director Gary Cohn said the rollback would give Americans more choices "because we're not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year. ... The banks are going to be able to price products more efficiently and more effectively to consumers."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
-
South Carolina to execute prisoner by firing squad
speed read Death row inmate Brad Sigmon prefers the squad over the electric chair or lethal injection, his lawyer said
By Peter Weber, The Week US Published
-
Trump eases Mexico, Canada tariffs again as markets slide
speed read The president suspended some of the 25% tariffs he imposed on Mexican and Canadian imports
By Rafi Schwartz, The Week US Published
-
Trump tells Cabinet they are in charge of layoffs, not Musk
Speed Read The White House has faced mounting complaints about DOGE's sweeping cuts
By Peter Weber, The Week US Published
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
By Peter Weber, The Week US Published
-
Trump's China tariffs start after Canada, Mexico pauses
Speed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
By Peter Weber, The Week US Published
-
Chinese AI chatbot's rise slams US tech stocks
Speed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
By Peter Weber, The Week US Published
-
US port strike averted with tentative labor deal
Speed Read The strike could have shut down major ports from Texas to Maine
By Peter Weber, The Week US Published
-
Biden expected to block Japanese bid for US Steel
Speed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
By Peter Weber, The Week US Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published