Trump advisor for Dodd-Frank surgery rather than dismemberment?

by Ryan Smith10 Nov 2016
Many in the financial services industry hope that one of Donald Trump’s first priorities as president will be to repeal the controversial Dodd-Frank Act, which Republicans have long decried as unduly burdensome. But for one of the people thought to be on Trump’s shortlist for Treasury secretary, revising the act may be preferable to replacing it.

Trump’s chief campaign fundraiser, Steve Mnuchin, is widely thought to be a probably pick for secretary of the Treasury. Trump said at a private event in July that Mnuchin would be good at the job, and the Dune Capital Management chairman is also a 17-year veteran of Goldman Sachs.

But Mnuchin has been more cautious about the fate of Dodd-Frank than others in the Trump campaign who’ve promised to dismantle the legislation. All Mnuchin has said thus far is that the act “needs to be looked at.”

That caution might not sit well with congressional Republicans, who have long pushed for a complete repeal. Rep. Jeb Hensarling (R-Texas), chairman of the House Financial Services Committee, has for months pushed a Republican alternative to Dodd-Frank, the Financial CHOICE Act, which he and other Republicans say would protect consumers without the onerous regulations put in place by the current legislation.
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