<P> Formal plans and discussion on part of Trump regarding Dodd--Frank and potential replacements began as early as June 2016, when Trump met with Congressman Jeb Hensarling, chair of the House Committee on Financial Services, to discuss alternatives to the act . During the presidential campaign, both Trump and campaign chairman were open to the idea of reinstating the Glass--Steagall Act, a provision of the 1933 Banking Act signed by President Franklin D. Roosevelt that placed tight restrictions on the banking industry, such as the prohibition of bank sales of securities, and the appropriation of funds for banks through the Federal Reserve System . The act was originally introduced to restore public confidence in the banking system after the Great Depression, however, a majority of the provisions were repealed by the Clinton Administration in 1999 through the Gramm--Leach--Bliley Act, following a decades - long decline in support among economists, businessmen, and politicians who did not find the restrictions to be productive . While formal plans to reintroduce the act were not made, Trump stated that a "21st century" Glass--Steagall Act would "help African American businesses get the credit they need ." Delegates at the 2016 Republican National Convention voted to include a repeal of Dodd - Frank and a revival of Glass - Stegall as part of the party's platform for the 2016 elections, and Republican Party congressmen have since supported it . </P> <P> The executive order was signed by President Trump on February 3, 2017 . The order is organized into three sections, one on Policy, one a directive to the Secretary of the Treasury, and one on General Provisions . The section on Policy outlines and officially states the six primary goals of the Trump Administration in regards to financial regulation, described in the order as the "Core Principles". They include: </P> <Dl> <Dd> <Dl> <Dd> (a) empower Americans to make independent financial decisions and informed choices in the marketplace, save for retirement, and build individual wealth; </Dd> <Dd> (b) prevent taxpayer - funded bailouts; </Dd> <Dd> (c) foster economic growth and vibrant financial markets through more rigorous regulatory impact analysis that addresses systemic risk and market failures, such as moral hazard and information asymmetry; </Dd> <Dd> (d) enable American companies to be competitive with foreign firms in domestic and foreign markets; </Dd> <Dd> (e) advance American interests in international financial regulatory negotiations and meetings; </Dd> <Dd> (g) (sic) restore public accountability within Federal financial regulatory agencies and rationalize the Federal financial regulatory framework . </Dd> </Dl> </Dd> </Dl> <Dd> <Dl> <Dd> (a) empower Americans to make independent financial decisions and informed choices in the marketplace, save for retirement, and build individual wealth; </Dd> <Dd> (b) prevent taxpayer - funded bailouts; </Dd> <Dd> (c) foster economic growth and vibrant financial markets through more rigorous regulatory impact analysis that addresses systemic risk and market failures, such as moral hazard and information asymmetry; </Dd> <Dd> (d) enable American companies to be competitive with foreign firms in domestic and foreign markets; </Dd> <Dd> (e) advance American interests in international financial regulatory negotiations and meetings; </Dd> <Dd> (g) (sic) restore public accountability within Federal financial regulatory agencies and rationalize the Federal financial regulatory framework . </Dd> </Dl> </Dd>

Core principles for regulating the us financial system
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