Trump turns to Wall Street to steer the national economy | Arkansas Blog

Thursday, December 1, 2016

Trump turns to Wall Street to steer the national economy

Posted By on Thu, Dec 1, 2016 at 9:17 AM

click to enlarge FOR THE PEOPLE: The Goldman Sachs Tower in Jersey City, NJ. - WIKI COMMONS
  • WIKI COMMONS
  • FOR THE PEOPLE: The Goldman Sachs Tower in Jersey City, NJ.

In examining President-elect Donald Trump's picks for his cabinet's top two economic posts
, the New York Times this morning highlights the obvious: Both personify the Wall Street elite that Trump told working-class voters he'd fight if elected president.

Steven Mnuchin, Trump's nominee for treasury secretary, is a former executive at Goldman Sachs who has more recently managed private equity and hedge funds and bankrolled the film industry. For secretary of commerce, he's tapped Wilbur Ross, a billionaire investor who's made his career flipping distressed businesses.

Among other things, this spells trouble for Dodd-Frank, the Times reports:
[Mnuchin's] experience as a principal investor who made large sums of money through high-risk, high-return wagers suggests that he will look critically at the thicket of regulations that now constrain the risk-taking activities of investment banks.

That could mean a reassessment of what has come to be known as the Volcker Rule, part of the Dodd-Frank financial overhaul that followed the 2008 financial crisis. The rule forbids banks to make certain speculative investments with their own capital.

“I would say the No. 1 problem with the Volcker Rule is it’s too complicated and people don’t know how to interpret it,” Mr. Mnuchin said in an interview with CNBC on Wednesday. “So we’re going to look at what to do with it as we are with all of Dodd-Frank. The No. 1 priority is going to be to make sure that banks lend.”
As Democratic Ohio Sen. Sherrod Brown put it in a statement yesterday: "This isn't draining the swamp. It's stocking it with alligators."

Tags: , , , , , ,

From the ArkTimes store

Favorite

Comments (9)

Showing 1-9 of 9

Add a comment

 
Subscribe to this thread:
Showing 1-9 of 9

Add a comment

More by Benjamin Hardy

Readers also liked…

  • Charter school accountability: Non-existent in Arkansas

    A state audit finds charter school spending violated state law, but the state Education Department says it has no responsibility for ensuring proper management of charter schools. Say what?
    • Mar 5, 2016
  • Two plead in fraud of sheriff's office

    A former employee of the Pulaski County sheriff and a North Little Rock woman who sold goods to the sheriff's office have pleaded guilty to mail fraud in a scheme to steal from the sheriff's office, according to a news release from the U.S. attorney's office.
    • May 16, 2017
  • Policy group urges opposition to new charter seats in Little Rock

    The Arkansas Public Policy Panel is urging supporters of the Little Rock School District to tell state Board of Education members they oppose applications to be heard this week to dramatically expand the number of charter school seats in the Little Rock School District.
    • Mar 9, 2016

Most Shared

  • Guest Playlist: Flap Jones of "Not Necessarily Nashville" schools us on real country music

    "Not Necessarily Nashville," which airs on KUAR-FM 89.1 every Saturday, 7 p.m.-9 p.m., celebrates three decades of the "best of the rest of country music" Saturday, October 21 at the White Water Tavern with Brad Williams of The Salty Dogs & The Creek Rocks, and we asked host Flap Jones to curate a playlist for us ahead of that anniversary celebration.
  • Discussion: State killing of the mentally ill

    The Arkansas Coalition to Abolish the Death Penalty and others will have a forum on mental illness and the death penalty at 6:30 p.m. Monday at the Bowen School of Law's Friday Courtroom.

Most Viewed

Most Recent Comments

Blogroll

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation