The Trump Administration and financial regulation
Held on Thursday, March 23, 2017.
Douglas Elliott (Oliver Wyman)
Tom Huertas (EY)
Simon Gleeson (Clifford Chance)
President Trump has promised (or threatened) to do “a big number” on Dodd-Frank – and many in US financial circles hope he means what he says. But roll-back (or repeal) is likely to be a huge task, given the complexity of the Act itself and of the regulations surrounding it. It is not just a question of the Volcker Rule – though Wall St (by and large) would like to see the back of that. There’s also the Consumer Finance Protection Bureau – much beloved of Senator Warren and much despised by bankers. What will Trump do with that? And how will Democrats and liberal Republicans respond?
Trump has already tasked his Treasury Secretary, Steven Mnuchin, with a “slash and burn” attack on US financial regulation – and with ensuring that it puts America first. That calls into question the US’s role in multilateral agreements – Basel in particular. So, there is an awful lot to worry about, or to cheer for.
Fortunately, we have a guide to Trump’s thinking – and to the Washington labyrinth within which Trump has to operate.
Douglas Elliott is currently a partner with Oliver Wyman’s finance & risk practice in New York – but many of us know him better as one of the most astute commentators on US financial regulation during the seven years he spent as a fellow of the Brookings Institution in DC (following two decades as a financial institutions investment banker). There are very few analysts in the US with his level of understanding of both domestic and international regulation. Predicting the Trump Administration’s next move is a dangerous business, but Douglas’s guess is far better than most.
That said, he will have distinguished back-up:
- Tom Huertas is a partner at EY and coordinator of EY’s Global Regulatory Network. He is a former member of the FSA’s Executive Committee, alternate chair of the EBA, member of the Basel Committee on Banking Supervision and of the Resolution Steering Committee at the FSB. He is also a member of the Resolution Project at the Hoover Institution at Stanford and a visiting professor at the Goethe University in Frankfurt.
- Simon Gleeson is a partner at Clifford Chance. A member of the Financial Markets Law Committee and of ICMA’s Regulatory Committee, he is also a visiting professor at Edinburgh University, a member of the Resolution Project at the Hoover Institution, and a visiting fellow of All Souls.
As usual, this will be a “caring and sharing” experience – which means that we hope you will share your own insights/hope/fears with the rest of the group. If you (or a colleague or friend) would like to join us for what I hope will be a lively and informative discussion, please let us know by calling 0207 621 1056 or emailing email@example.com. I can promise plenty of tea, coffee and buns.