The fundamental issue is the existence of the Federal Reserve and our system of dishonest money. That is unlikely to be addressed by Trump unfortunately.
I sure wish the President had gone with John Allison formerly of BB&T and CATO at Treasury instead of with Goldman alum Mnunchin.
Dodd-Frank should be overhauled however. It is a real burden on small banks and encourages large banks to become even larger so that they achieve “too big to fail” status. Just for instance.
Presently, banks exceeding $10 billion in assets are subjected to increased oversight, and those with $50 billion in assets can be deemed a systemically important financial institution and put under exams administered by the Federal Reserve such as stress tests. A day after the election, Tom Michaud, CEO of financial sector investment bank Keefe, Bruyette & Woods told FORBES he’d like to see an increase of SiFi designations to just banks with $250 billion in assets and above.
Such relief might have a potent impact on Main Street because it would dramatically reduce overhead costs for small and mid-sized lenders, potentially giving them greater financial flexibility to make small business and consumer loans. More broadly, bank CEOs like JPMorgan’s Jamie Dimon have said regulatory relief could increase the flow of money into the broader economy.