Argumentative Essay On Dodd-Frank

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Supposedly, Dodd-Frank lacks full implementation, providing President Trump an open door with which to shred the remaining aspects of the Act (Frean 2011). With portions of the Act already ineffective, the only effort Trump has to put into permanent dismantlement, is to ensure that they never go into effect. Interestingly enough, for agencies such as the SEC, FDIC, and CTFC (Commodity Futures Trading Commission) and the like, majority members are cycled out with each presidential term (Dayen 2017). The CFTC prefers a hands off approach and basically ignored the regulatory provisions of Dodd-Frank thereby proving it is not performing as it should (Fischer 2015). So hypothetically, an easy means of controlling the agencies is to control the members, …show more content…

Through his choices of cabinet members, such as Steve Mnuchin, President Trump is already having a direct impact. Those chosen, most likely have been on the receiving end of the regulatory bodies and would undoubtedly find pleasure in dismantling the entirety of the Act (Dayen 2017). Whether it’s by slowly ripping apart aspects of the Act or by controlling the top members to send cascading effects down through the members. Not only will Trump have a say, but Republicans as a collective will also pull apart legislative aspects of Dodd-Frank. Republican committee chairman was quoted saying that the Act was “a massive roadblock to our economic recovery” (Frean 2011). Supposedly, a committee chair member has said that the act has ruined small businesses access to credit, which it has not (Dayen 2017). Luckily, there are still Democrats left that will butt heads with the Republicans and hopefully slow down the process of eliminating the Dodd-Frank Act.
Final summation concerning this matter would be that despite its initial good intentions, The Dodd-Frank Wall Street Reform and Consumer Act is severely lacking in its claims to strengthen and secure the financial stability of the United States. If it is an actual fact and not an alternative fact that the Act itself has never been fully implemented during Obamas presidency, then it serves no purpose to our country. Much like the failure of the Banking Act of 1933, it is unsurprising to see the impending

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