Matt Dyckman is counsel at Goodwin Procter LLP. This post is based on a Goodwin Procter publication by Mr. Dyckman. Additional posts addressing legal and financial implications of the incoming Trump administration are available here.
[T]here is considerable speculation regarding what legal changes are in store for the financial services industry in the [Trump] administration. During his campaign, President Trump consistently emphasized that financial regulatory reform is a critical component of his plan to increase economic growth and create jobs. He has expressly stated that his team would be working to “dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation.” Similarly, Treasury Secretary nominee Steven Mnuchin has said that the new administration wants to “strip back part of Dodd-Frank” and that such a rollback would be the administration’s “number one priority on the regulatory side.” But while financial regulatory reform is widely expected to be a priority in a Trump administration, few concrete proposals have been put forward. In order to anticipate the types of reform proposals that may emerge in the coming months, it may be useful to revisit recent proposals that have garnered widespread Republican support, but were never enacted. One such proposal, the Financial CHOICE Act (the CHOICE Act), passed the House Financial Services Committee on September 13, 2016, and was amended on December 20, 2016.