Wednesday, February 8, 2016
Dodd-Frank, the legislation that brought more oversight to Wall Street and banks, is under review. Mike Collins hears opposing views on the law and how Charlotte's banks are reacting.
Last week, President Trump pointed his executive action steamroller toward the Dodd-Frank law, the Obama-era legislation passed in the aftermath of the 2008 financial crisis. The president ordered a review of Dodd-Frank, which established new oversight and regulations for Wall Street and the big banks.
The president called Dodd-Frank "a disaster" and promised to do "a big number" on it. Republican U.S. Rep. Robert Pittenger, who serves on the House Financial Services Committee, has criticized Dodd-Frank as "government micro-management." But the North Carolina-based Center for Responsible Lending says rolling back "reasonable safeguards" would threaten the economy.
What has Dodd-Frank's impact been on "Banktown" and Wall Street? Has the law worked? What happens if it's dismantled?
GUESTS
Rick Rothacker, business reporter, The Charlotte Observer (@rickrothacker)
Christopher Kukla, executive vice president, Center for Responsible Lending (@CRLONLINE)
Peter Gwaltney, CEO and president, North Carolina Bankers Association (@NCBankers)
*U.S. Representative Robert Pittenger of Charlotte was scheduled to appear, but was unable to due a late scheduling conflict.