Trump’s Plan To Rein In Wall Street? Tax Cuts, No Oversight, Industry Insiders In The White House

If there’s one thing that unites working class Americans of all political persuasions, it’s a hatred of Wall Street. Donald Trump knows this — he campaigned on it in Iowa, in fact, saying “I’m really good at that stuff. I know Wall Street. I know the people on Wall Street. We’re going to have the greatest negotiators of the world, but at the same time, I’m not going to let Wall Street get away with murder. Wall Street has caused tremendous problems for us. We’re going to tax Wall Street.”

These days, he’s singing a different tune. Instead of taxing them, he’s cutting taxes on the rich. Instead of “stopping them from getting away with murder,” they’re getting rid of the financial regulations that will stop another recession. And instead of standing up for consumers, he’s destroying the agency that has recouped over $10 billion from predatory financial companies.

After electorally winning the election (while massively losing the popular vote — 1.7 million at the time of this writing and growing), he is openly showing what many of us knew along: He doesn’t give a single sh*t about any of his supporters, and he will stab them in the back repeatedly and at length until somebody stops him.

Donald Trump never had any intention of raising taxes on “hedge fund guys.” After all, they’re in the same class of people he is! Rich, and therefore better than you. Why should they have to pay taxes? Trump doesn’t, and thinks it’s smart.

Trump’s administration wants to repeal Dodd-Frank, which is the Wall Street reform and consumer protection package passed after the Great Recession to prevent the need for another bailout at taxpayer expense. Trump thinks, instead, that the banks will do better regulating themselves — much the way they did in the years leading up to the 2007-08 crash. Here’s what Trump and the GOP are against:

An Act to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail,” to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.

And it gets worse.

As ThinkProgress reports,

Dodd-Frank also created the Consumer Financial Protection Bureau, an agency focused on protecting Americans from predatory and fraudulent bank behavior. It’s already recouped more than $10 billion for those who have been targeted by such practices. The CFPB has also written new rules for mortgage lending while extending oversight to some financial firms, such as debt collectors and payday lenders, that had previously gone with little oversight.

That’s right — Donald Trump wants to get rid of one of the few parts of government that consistently works on behalf of the little guy. They’re also targeting seniors:

Trump made a campaign promise to impose a moratorium on all new regulations for the financial sector, but he has already targeted existing regulations for immediate dismantling. Trump adviser and hedge fund investor Anthony Scaramucci promised to reverse President Obama’s executive action to protect retirees — the fiduciary duty rule. It requires all financial advisers to put their clients’ interests ahead of their own, rather than being able to steer clients toward more expensive options that make money for themselves. That conflicted advice is estimated to cost retirees $17 billion a year.

“We’ve got to get rid of this,” Scaramucci told the Financial Times, calling it “unnecessary.” He had previously made this pledge while likening the rule to the 1857 Dred Scott Supreme Court decision that denied birthright citizenship to slaves and their descendants.

He’s giving the banks exactly what they want.

In fact, he seems to think that he might need them a little closer to him so that he can really serve them well, because he’s actually inviting bank executives to work in his administration — certainly a far cry from his pro-working class messages on the campaign trail. According to Politico, his leading picks for Secretary of the Treasury are a Goldman-Sachs executive and a billionaire investor.

The working class Republicans that voted for Trump are some of the people who will be most hurt by the actual policies that the Trump administration wants to put into effect. You get what you vote for, Republicans.


Featured image via Spencer Platt/Getty Images