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Justin Schardin: The future of Wall Street regulation is tied to Trump’s choices

The Hill

Wednesday, December 14, 2016

President-elect Donald Trump will have a lot of vacancies to fill at the independent financial regulatory agencies in the United States. Those choices could have a major impact on the regulation of Wall Street.

In recent years, vacancies in financial regulatory agencies have become the “new normal.” Given the importance of financial regulation in the post-crisis world, keeping these seats filled with highly qualified individuals should be a priority for both the president and the Senate.

Of the 34 Senate-confirmable positions at 10 financial regulatory agencies, nine are already vacant. More will be vacant soon after Trump is sworn in as president.

Of the 34 Senate-confirmable positions at 10 financial regulatory agencies, nine are already vacant. More will be vacant soon after Trump is sworn in as president.

Even if Congress does not agree on changes to the Dodd-Frank Wall Street Reform Act and other post-crisis reforms, regulators will have wide latitude to reinterpret or roll back new rules and regulations.

Trump and other Republicans have said they want to “dismantle” Dodd-Frank. Trump’s appointees presumably will be chosen with that mindset and will work toward that goal when they gain voting control of these agencies.

KEYWORDS: DODD-FRANK ACT, BPC OP-EDS, DONALD TRUMP, 115TH CONGRESS