AFSA 100 Day Tracker | Dismantling Dodd-Frank is Top Priority for Trump & Congress

WHAT HAPPENED

President Donald Trump told Congressional Republicans during their retreat in Philadelphia today that they should make financial reform a priority to “help striving Americans get the credit they need to realize their dreams.” Vice President Pence also said dismantling Dodd-Frank is a top legislative priority for the Trump Administration.

“Fulfilling the Trump Administration’s pledge to dismantle Dodd-Frank this year is essential to leveling the playing field, building a healthy economy and offering every American greater opportunities to achieve financial independence,” said House Financial Services Committee Chairman Jeb Hensarling (R-TX) in response. “Republicans on the Financial Services Committee are eager to work with the President and his administration to unclog the arteries of our financial system,” he added.

Congressional Democrats continue their efforts to defend the Consumer Financial Protection Bureau (CFPB). The Constitutional Accountability Center asked the U.S. Court of Appeals in DC for permission to intervene in PHH Corporation v. CFPB, the case determining the constitutionality of the CFPB, on behalf of Senate Banking Committee Ranking Member Sherrod Brown (D-OH) and House Financial Services Committee Ranking Member Maxine Waters (D-CA). "It has become increasingly clear that movants' interests may no longer be adequately represented by the new Administration," the center wrote in its filing. "Thus, movants seek to intervene to defend the constitutionality of the important law they helped enact."

WHAT IT MEANS FOR AFSA MEMBERS

President Trump and Vice President Pence’s remarks to Congressional Republicans solidify previous reports that financial reform and the Dodd-Frank Act is a priority of the Administration. While we will likely continue to see Democrat opposition to CFPB reform, the Republican-controlled Congress and the Administration appear united on this issue.