Trump says he will cut ‘a lot’ out of financial regulations

President Donald Trump met with a group of key executives Friday amid some corporate concerns about his early policies.

The panel, which advises Trump on economic policy, convened at the White House missing one former member, Uber CEO Travis Kalanick. He stepped down from the group Thursday amid customer pressure over the company’s reaction to Trump’s executive order temporarily barring travel from seven Muslim-majority countries.

Before the meeting, Trump told reporters at the White House that he would discuss the Dodd-Frank financial reform act and the banking industry with the group. Blackstone CEO Steve Schwarzman, who chairs the council, said it will also address immigration, regulation, infrastructure and education during the meeting.

Others meeting with Trump at the White House on Friday include Tesla’s Elon Musk, JPMorgan Chase’s Jamie Dimon, General Motors’ Mary Barra, IBM’s Ginni Rometty and Wal-Mart’s Doug McMillon.

Trump’s plan to discuss financial industry rules comes ahead of a planned executive order directing the Treasury Department to review the policy, which was passed as a financial industry safeguard after the 2008 crisis. Critics have said it discourages lending and holds down small banks with unnecessary burdens.

“We expect to be cutting a lot out of Dodd-Frank,” Trump said, adding that “there’s nobody better” to discuss financial rules with than Dimon, who became the bank’s CEO at the end of 2005.

Before the meeting, Trump, flanked by Schwarzman and Barra, also touted his pledges to slash corporate taxes and regulation, saying he hopes to see a tax program “soon.” It remains to be seen what policy concerns the executive will lodge with Trump, who has drawn strong rebukes from the CEOs of Apple, Facebook and Alphabet, among others, in the early days of his presidency.

Musk said Thursday that he and others will “express our objections to the recent executive order on immigration and offer suggestions for changes to the policy.”

This entry was posted in Politics and Government. Bookmark the permalink.

Leave a Reply