Dodd-Frank Had It Right(Inverse Sarcasm Paradox?)

[Anomilus]

BTdUBBS.... FBI is totally done. No US clients and totally done. Confirmed Via live chat and they have yet to send out that email informing the general forex public. But seriously, I hope this Trump win means the end of all these overseas shenanigans period. I may actually wait to trade until after he takes office and gets things moving. It's been a painful few months sidelined but not having to do all the guesswork on which broker across the water to gamble on seems a more logical course of action.

 

[Pharaoh]

I'll believe the dismantling when I see it happening. Can anyone here recall a single president who successfully completed the majority of public promises made?

That being said, I'd say there likely is at least a better chance of Dodd Frank getting at least partially removed under a Republican administration and Congress.

Let's all sit back and wait to see what happens.

 

[bigdolly]

In a couple of words what is this thread about? Admiring Trump?

 

[Anomilus]

I'll believe the dismantling when I see it happening. Can anyone here recall a single president who successfully completed the majority of public promises made?

That being said, I'd say there likely is at least a better chance of Dodd Frank getting at least partially removed under a Republican administration and Congress.

Let's all sit back and wait to see what happens.

You are correct, there has been a huge track record of failings on campaign promises. I would imagine Trump however wanting to get elected and being under fire as much as any President has he will have more an incentive to follow through in order to retain the voter support that swept him into office. That isn't a guarantee, but I'll reserve judgement for when it doesn't occur and remain optimistic. I believe him more than your cookie cutter politician any day of the week, so he has the benefit of the doubt. Deregulation is about as Republican as it gets and Dodd-Frank has been a long target of congressional Republicans long before it was realized they would have a Republican president and majority control of both houses of Congress. Trump is a deal maker and I would imagine he will gain support he needs from Senate Dems in exchange for saving parts if Obamacare that make sense. Just my hunch.

One thing is for sure we will have to wait and see but the reality is that we have the most willing people in place with a President who can and is more than willing to sign the Bill into, or in this case out of law.

 

[Anomilus]

In a couple of words what is this thread about? Admiring Trump?

Given the nature of the question I will answer in kind.

Is that a rhetorical question?

Wise man said, life is as serious as cancer. Ask a stupid question you get a stupid answer. You answer a question with an answer. Not with another question.

So the stupid answer to your question is another equally useless question. Perhaps I bit the bait here by responding, admittedly. Bit can you not try flame this topic. It is very important, and clearly about LAW in case all you could digest is the word Trump when reading the posts. It just so happens that he is actually President elect and will have one of the most crucial roles in changing the law in question. Why waste time being so silly? Admiring Trump? Usually the heading entails the topic of a thread.

I shouldn't have replied but I did it is already done. I will balance my karma by ignoring any further replies if they aren't serious and on topic. Time is precious, I kindly ask not to waste mine with pointlessness.

 

[Pharaoh]

In a couple of words what is this thread about? Admiring Trump?

No. Just pointing out that financial regulations like Dodd-Frank are more likely to be trimmed back when the Republican party controls the House, Senate, and White House.

On the flip side, Trump's isolationist leanings and penchant for leaping before looking could result in some bizarre interventions to affect the value of the dollar.

 

[mbreitfelder]

Trump is rolling back Dodd-Frank through Executive Orders. He has followed through on more campaign promises than any other United States President has said since Reagan. Time to bring back the Glass-Steagall Act as well, no more playing with client money. Derivatives are going to bring down the world's financial system. The amount of toxic derivatives out there dwarfs the whole world's GDP. No one is going to be immune to that.

 

[Pharaoh]

As I understand it, Dodd-Frank is a law passed by Congress. Before such a law goes into effect, it is signed by the President, allowed by the President to pass into law without a signature, or subjected to a presidential veto which was overridden by a supermajority vote in both houses.

Parts of its implementation can be reversed through executive orders, but to get rid of it completely requires that it be overturned, either by the courts or by a new law repealing and/or replacing it. If this were not the case, any president could wipe out any law he disagrees with solely by issuing executive orders.

All that being said, I do hope to see significant parts of it dismantled. We're running very short on US regulated forex brokers, so some form of mutually agreeable exchange of recognition of regulation with one of the better non-US regulators would be a very good thing now.

And, yes, mortgage derivatives rank right up there with a killer asteroid in terms of things which could end civilization as we know it. However, a lot of banks and a lot of investors are happily making profits now, so shutting this sort of thing down won't be easy.

 

[doctorcomputador01]

As I understand it, Dodd-Frank is a law passed by Congress. Before such a law goes into effect, it is signed by the President, allowed by the President to pass into law without a signature, or subjected to a presidential veto which was overridden by a supermajority vote in both houses.

Parts of its implementation can be reversed through executive orders, but to get rid of it completely requires that it be overturned, either by the courts or by a new law repealing and/or replacing it. If this were not the case, any president could wipe out any law he disagrees with solely by issuing executive orders.

All that being said, I do hope to see significant parts of it dismantled. We're running very short on US regulated forex brokers, so some form of mutually agreeable exchange of recognition of regulation with one of the better non-US regulators would be a very good thing now.

And, yes, mortgage derivatives rank right up there with a killer asteroid in terms of things which could end civilization as we know it. However, a lot of banks and a lot of investors are happily making profits now, so shutting this sort of thing down won't be easy.

Hi guys , if forex market is actually considered one of the biggest market at world level (5 trillions usd at day) , why dont give more space in our law instead keep Dodd-Frank "live"? this law is fomenting the "fugitive capital" , imagine if we open the doors to a well backed fx environment, as i know the Fx is well nurse in europe in general , specially in uk and Swiss.
Obama attack the forex to motivate the people to have capital in the street and not in the financial system. I saw Trump showing in Twitter the NFP results , he have a lot of financial gurus around him . FPA is not a place to give politics advices , but Dodd-Frank must be changed and this law is affecting us like trader, so if this fact is white, fried to eat and the mother is a chicken, what must i do, support the fans of Dodd-Frank ? ...please!

 

[Pharaoh]

I'm reasonably sure no one here supports Dodd-Frank. The law may have been well-intentioned, but the results, at least for forex traders, haven't been good.

The problem is that the new president apparently was asleep during the classes all middle and high school that US students in take on how the American government works, complete with a set of checks and balances. Once he realizes that he's President of the United States, not CEO of USA, Inc., and starts working within the framework laid out by the Constitution, I hope he'll quickly get around to repealing all the portions of Dodd-Frank which tie the hands of forex traders.