Trump Signs Bill Easing Post-2008 Crisis Restraints On Banks

AP Photo/Evan Vucci
President Donald Trump speaks during a signing ceremony for the "Economic Growth, Regulatory Relief, and Consumer Protection Act," in the Roosevelt Room of the White House, Thursday, May 24, 2018, in Washington. In a dramatic diplomatic turn, Trump on Thursday canceled next month's summit with North Korea's Kim Jong Un, citing the "tremendous anger and open hostility" in a recent statement by the North.

 

WASHINGTON (AP) — President Donald Trump has signed into law a measure loosening key restraints for banks that came in the wake of the 2008 financial crisis and Great Recession.

Trump savored the legislative triumph Thursday.

The Republican-led legislation cleared Congress on Tuesday with the help of some Democrats' votes and allowed Trump to realize his campaign pledge of dismantling the landmark Dodd-Frank law. The 2010 law was enacted by President Barack Obama and Democrats in Congress in response to the crisis that brought millions of lost jobs and foreclosed homes.

Trump notched the win on banking rules as reaction swirled over his abrupt diplomatic turn earlier Thursday in canceling next month's summit with North Korean leader Kim Jong Un.

Trump says, "This is truly a great day for America."

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