Expected Trump financial regulation Executive Order “recipe for another recession”
Washington, DC, February 2, 2017—A new Trump financial regulation executive order, expected to be signed today, will roll back key regulations designed to protect the economy and the American people from another recession.
“This expected Executive Order is a recipe for another recession. It puts Wall Street and Big Business interests ahead of the interests of everyday people. It rolls back reforms put in place after the 2008 financial crisis, which was caused by predatory mortgage lending to low-income people, especially people of color. It targets the Consumer Financial Protection Bureau, an agency put in place to protect the interests of the people against corporate malfeasance. It also calls for repeal of the ‘fiduciary rule’ which requires investment advisors to put their client’s interest ahead of their own when investing retirement account money.
Clearly this Executive Order will help some people: Trump’s own business and people like the Wall Street insiders he has stacked his Cabinet with. Not middle-class and lower income American families,” said Rea Carey, Executive Director, National LGBTQ Task Force.
Recession is hardest on those of us with the lowest incomes: net wealth for the lowest quarter of the population was completely lost after the 2008 recession, while net wealth for the richest 10% — which we assume includes President Trump and his “friends” — stayed even. (https://www.theatlantic.com/business/archive/2012/10/dont-pity-the-rich-the-great-recession-was-worst-on-the-poor/263684/)
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